1) The Hawk Trade Rages on<\/b><\/p>\n
Today, Fed Vice Chairman Stanley Fischer said he believes that productivity growth will rebound,\u00a0keeping traders\u00a0confident that the Fed will raise rates again this year.<\/p>\n
This helped boost the popular long dollar\/short gold trade.<\/p>\n
The dollar rose by 1.1% against the yen and 0.4% against the euro, while gold fell -2.0%.<\/p>\n
The junior gold miners ETF<\/strong> (GDXJ), which has more than doubled this year, took the brunt of the damage today with a -4.9 decline.<\/p>\n 2<\/strong>) Shifty Markets<\/strong><\/p>\n Aside from the ugliness in gold, stocks remain range-bound as traders await the return of volatility.<\/p>\n The S&P 500<\/strong> fell -0.2% to 2176.12, making today the 37th straight trading day without a\u00a01% move in the S&P 500.<\/p>\n Market volatility is as low as it's been since November 2014.<\/p>\n Banks were strong courtesy of the hawkish\u00a0Fed talk and prospect of rising rates, while utilities and retailers were weak.<\/p>\n The important biotech sector was down, but no major damage was done.<\/p>\n 3) Apple Stung on Tax Beef<\/strong><\/p>\n Today, the European Commission found that Ireland gave Apple<\/strong> (AAPL) an illegal \u201cselective tax treatment.”<\/p>\n Apple has been ordered to repay 13 billion euros ($14.5 billion) plus interest, though Ireland will appeal the ruling.<\/p>\n Apple traded as low as\u00a0$103.50 in\u00a0premarket trading, and it finished at $106.00, down -0.8%.<\/p>\n The verdict also impacted the shares of other tech names that use Ireland as a tax haven, namely Google<\/strong> (GOOGL) and Facebook<\/strong> (FB).<\/p>\n Wednesday's Trading Calendar<\/strong><\/span><\/p>\n US Economics (Time Zone: EDT)<\/strong><\/p>\n 03:15 Fed's Rosengren to Address Financial Conference in Beijing Global Economics<\/strong><\/p>\n 02:00 EUR German Retail Sales m\/m Earnings<\/strong><\/p>\n Before Open:<\/p>\n None of significance<\/b><\/p>\n After Close:<\/p>\n Five Below <\/b>(FIVE) 1) The Hawk Trade Rages on Today, Fed Vice Chairman Stanley Fischer said he believes that productivity growth will rebound,\u00a0keeping traders\u00a0confident that the Fed will raise rates again this year. This helped boost the popular long dollar\/short gold trade. The dollar rose by 1.1% against the yen and 0.4% against the euro, while gold fell -2.0%. The junior gold miners ETF (GDXJ), which has more than doubled this year, took the brunt of the damage today with a -4.9 decline. 2) Shifty Markets Aside from the ugliness in gold, stocks remain range-bound as traders await the return of volatility. The S&P 500 fell -0.2% to 2176.12, making today the 37th straight trading day without a\u00a01% move in the S&P 500. Market volatility is as low as it’s been since November 2014. Banks were strong courtesy of the hawkish\u00a0Fed talk and prospect of rising rates, while utilities and retailers were weak. The important biotech sector was down, but no major damage was done. 3) Apple Stung on Tax Beef Today, the European Commission found that Ireland gave Apple (AAPL) an illegal \u201cselective tax treatment.” Apple has been ordered to repay 13 billion euros ($14.5 billion) plus interest, though Ireland will appeal the ruling. Apple traded as low as\u00a0$103.50 in\u00a0premarket trading, and it finished at $106.00, down -0.8%. The verdict also impacted the shares of other tech names that use Ireland as a tax haven, namely Google (GOOGL) and Facebook (FB). Wednesday’s Trading Calendar US Economics (Time Zone: EDT) 03:15 Fed’s Rosengren to Address Financial Conference in Beijing 03:15 Fed’s Evans Speaks on Economy and Policy in Beijing 07:00 MBA Mortgage Applications (Aug 26): -2.10% 08:00 Fed’s Kashkari Speaks on Fed Structure in St. Paul 08:15 ADP Employment Change (Aug): exp. 175k, prior 179k 09:45 Chicago Purchasing Manager (Aug): exp. 54, prior 55.8 10:00 Pending Home Sales MoM (Jul): exp. 0.70%, prior 0.20% 10:00 Pending Home Sales NSA YoY (Jul): exp. 2.20%, prior 0.30% 10:30 DOE U.S. Crude Oil Inventories (8\/26): exp. 1300k, prior 2501k 10:30 DOE Cushing OK Crude Inventory (8\/26): exp. 400k, prior 375k 10:30 DOE U.S. Gasoline Inventories (8\/26): exp. -1000k, prior 36k 10:30 DOE U.S. Distillate Inventory (8\/26): exp. -125k, prior 122k 10:30 DOE U.S. Refinery Utilization (8\/26): exp. -0.50%, prior -1.00% 10:30 DOE Crude Oil Implied Demand (8\/26): prior 16833 10:30 DOE Gasoline Implied Demand (8\/26): prior 10113.4 10:30 DOE Distillate Implied Demand (8\/26): prior 5055.6 Global Economics 02:00 EUR German Retail Sales m\/m 03:55 EUR German Unemployment Change 05:00 EUR CPI Flash Estimate 08:30 CAD GDP m\/m 21:00 CNY Manufacturing PMI 21:30 AUD Private Capital Expenditures 21:30 AUD Retail Sales 21:45 CNY Caixin Manufacturing PMI Earnings Before Open: None of significance After Close: Five Below (FIVE) Salesforce.com (CRM)<\/p>\n","protected":false},"author":6,"featured_media":4094,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1],"tags":[36,189,39,107,220],"class_list":["post-5245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-uncategorized","tag-daily-recap","tag-daily-recap-article","tag-stock-market-recap","tag-take-3","tag-take-3-article"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/5245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=5245"}],"version-history":[{"count":0,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/5245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/4094"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=5245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=5245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=5245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n03:15 Fed's Evans Speaks on Economy and Policy in Beijing
\n07:00 MBA Mortgage Applications (Aug 26): -2.10%
\n08:00 Fed's Kashkari Speaks on Fed Structure in St. Paul
\n08:15 ADP Employment Change (Aug): exp. 175k, prior 179k
\n09:45 Chicago Purchasing Manager (Aug): exp. 54, prior 55.8
\n10:00 Pending Home Sales MoM (Jul): exp. 0.70%, prior 0.20%
\n10:00 Pending Home Sales NSA YoY (Jul): exp. 2.20%, prior 0.30%
\n10:30 DOE U.S. Crude Oil Inventories (8\/26): exp. 1300k, prior 2501k
\n10:30 DOE Cushing OK Crude Inventory (8\/26): exp. 400k, prior 375k
\n10:30 DOE U.S. Gasoline Inventories (8\/26): exp. -1000k, prior 36k
\n10:30 DOE U.S. Distillate Inventory (8\/26): exp. -125k, prior 122k
\n10:30 DOE U.S. Refinery Utilization (8\/26): exp. -0.50%, prior -1.00%
\n10:30 DOE Crude Oil Implied Demand (8\/26): prior 16833
\n10:30 DOE Gasoline Implied Demand (8\/26): prior 10113.4
\n10:30 DOE Distillate Implied Demand (8\/26): prior 5055.6<\/p>\n
\n03:55 EUR German Unemployment Change
\n05:00 EUR CPI Flash Estimate
\n08:30 CAD GDP m\/m
\n21:00 CNY Manufacturing PMI
\n21:30 AUD Private Capital Expenditures
\n21:30 AUD Retail Sales
\n21:45 CNY Caixin Manufacturing PMI<\/p>\n
\nSalesforce.com <\/b>(CRM)<\/p>\n","protected":false},"excerpt":{"rendered":"