Everything was supposed to be different. European markets were soaring at the open, up more than 1.5%. Oil was higher and U.S. futures were up triple digits. All of that, and more, has dissipated. Now investors are being offered the rack or the Catherine wheel at the open.
Dow futures are lower by 120.
European markets are bleeding out.
Oil is lower by 1% and gold is, once again, higher to the tune of 1%.
Oh, and the dollar is getting hammered again too, currently at 3 month lows v the euro at 1.12.
Dr. Giggles has taken over surgery.
Prepare to scrub in.
http://www.nytimes.com/2016/02/04/business/dealbook/walmart-sues-puerto-rico-claiming-an-unfair-and-onerous-tax-burden.html
“Reasoning that a larger company with more transactions would have more ability to game the numbers, Puerto Rico’s lawmakers imposed higher rates on the biggest companies. The highest, 6.5 percent, applies only to businesses on the island with revenues of more than $2.75 billion.
Walmart argues that it appears to be the only one meeting that description.”
If I were running Walmart, I’d immediately shutter every store on the island and let them pay 100% markup (or moar) to their beloved “local competition”. They’d change their tune in less than a week.
Well duh. It’s the economic apocalypse Stocks are going to zero. Buy gold and dry food products.
Oil spike saving the day or at least prolonging its life.