๐Ÿ‘‰ Sign of Trade War Tension Easing Fuels Market Rally

If you're looking for a new job—and in this market it isn't a bad idea to shop around and get a boost in pay—beware the dark side of career-related sites. The New York Times has reported that Chinese agents have been using Microsoft-owned LinkedIn for recruiting purposes.
Good morning. Argentina is asking the International Monetary Fund (IMF), and other creditors for more time to pay off $101 billion in debt. Should there be no new agreement on terms, Argentina may not be able to pay, and cause a sovereign default on their debt.

If this happens, it will be the ninth time the country has done so. Typically, bankers learn from making a bad loan or two to a customer, but for the IMF to get it wrong nine times on just one country makes one wonder why the bank is in the business of banking.

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MARKETS
DOW 26,362.25 +1.25%
S&P 2,924.58 +1.27%
NASDAQ 7,973.39 +1.48%
*As of market close
Stocks rallied on Thursday, erasing the trade war fear decline of recent weeks.
Oil rallied 1.5 percent, to $56.60 per barrel.
Gold dropped 0.8 percent, hitting $1,537 per ounce.
Cryptocurrencies extended their Wednesday decline, with bitcoin nearing $9,500.

Today's TOP TIPS
Sign of Trade War Tension Easing Fuels Market Rally
The stock market posted strong gains on Thursday, following an announcement from a Chinese commerce ministry official who indicated that the Chinese government would not immediately respond to the latest round of tariff hikes from the United States.

The move led investors to conclude that China was looking to ease tensions, rather than escalate the trade war further, following rounds of belligerent comments from both sides in the past.

» FULL STORY

Mortgage Rates Steady Near 3.5 Percent
The latest data in the mortgage market from the Freddie Mac Primary Mortgage Market show that 30-year fixed rates remain near 3.5 percent, near historic lows. The combination of a strong labor market and the Fed's first interest rate decline in 11 years are likely to keep rates near this level for some time.

Although rates crept up three basis points in the past week, mortgage rates are generally a full percentage point below rates one year ago.

» FULL STORY

Insider Activity: Harvest Capital Credit Corp (HCAP)
On Wednesday, August 28th, Joseph Jolson picked up 6,394 shares of Harvest Capital Credit Corp (HCAP), where he serves as CEO and already has an ownership stake with more than 10 percent of the shares outstanding.

The purchase came to nearly $63,000, and increased his stake in the company by 0.85 percent. Year-to-date, insiders have been buyers of shares at the company, almost exclusively by Jolson, but there has also been one buy from the company's CEO.

» FULL STORY

Unusual Options Activity: MetLife (MET)
On Thursday, over 5,000 contracts traded on March 2020 $50 call options on MetLife (MET). With a prior open interest of 224 contracts, the volume was 22 times the prior open interest, making for one of the most active options trades of the day.

With shares around $44, the bet is on a $6 upside by March, about 13.4 percent higher from here, in the next 203 days before expiration.

» FULL STORY

IN OTHER NEWS

Aramco proposes its IPO again, with a split launch in Saudi Arabia and Tokyo.

Overseas holders of U.S. commercial real estate have become net sellers, a warning sign for the sector.

The growth of single working women is changing consumer behavior and trends.

The return of the 737 Max could lead to a new airline fare war.

In tech, lending and borrowing in digital currency is here—and will likely get easier.

Venture capitalists in the U.K. work to manage the risk of a "no deal" Brexit.

And MIT develops a robot capable of travelling through blood vessels in the brain.

In earnings, Best Buy shares decline following a quarterly miss and a warning on tariffs.

Abercrombie & Fitch also warns on tariffs impacting earnings.

And, in spite of tariffs, Dollar Tree and Dollar General raise their sales forecasts for the year.


S&P 500 MOVERS
TOP
DG 10.679%
PVH 6.245%
NOV 4.851%
MPC 4.813%
URI 4.703%
BOTTOM
HRB 9.338%
BBY 7.986%
MO 3.49%
MKTX 3.019%
PM 2.153%

Quote of the Day
Why has gold had such a tremendously positive run in 2019 despite the lack of inflation? Fear gold is much less expensive to hold if the market also expects interest rates to tumble. And as interest rates do tumble, that merely reinforces the deflationary message as it relates to expected elevated instability and uncertainty. Higher demand and lower perceived cost equal much higher price.
- Alhambra Investment Partners analyst Jeffrey Snider on gold's run in 2019, and likely rally if interest rates push lower.

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