Financial Markets and Economy
Investors Follow the Herd as 10 Big Stocks Power Market’s Gains (The Wall Street Journal)
Ten big stocks are exerting an unusually large influence on the S&P 500 in 2017, the latest sign that the herd instinct is alive and well on Wall Street.
Dow industrials finish more than 100 points lower as energy, IBM drag (Market Watch)
The Dow industrials and the S&P 500 ended lower Wednesday as a drop in oil prices fueled a selloff in energy shares while a drop in International Business Machines Corp. was responsible for half the session’s losses in the blue-chip average.
Here’s why Erdogan’s victory could be good for Turkish stocks (Market Watch)
While some on Wall Street view the shift toward authoritarianism as intrinsically troubling for a country’s financial markets, strategists at Oxford Economics are making the case for why Turkish assets could be a long-term buy.
Oil Tumbles Most in Six Weeks as U.S. Gasoline Supplies Advance (Bloomberg)
Oil dropped the most in six weeks after a report showed U.S. gasoline supplies increased for the first time since February, while crude output keeps rising.
OIL GETS SMOKED: Here's what you need to know (Business Insider)
Crude oil had its steepest drop since March 8 after data from the Energy Information Administration showed that gasoline supplies rose last week for the first time in two months.
Treasuries Fall Led by Bunds, Driving Yields Up From 2017 Lows (Bloomberg)
Treasuries fell Wednesday, pushing five- to 30-year yields up from their lowest levels this year, amid supply-driven declines for German government bonds and technical indications that the month-long rally is running out of steam.
Oil has its worst day since March (Business Insider)
Oil's worst day since March is in the books.
West Texas Intermediate closed down 3.99%, or $2.09, at $50.26 a barrel after US oil inventories fell less than expected while gasoline supplies jumped by more than expected.
Worst of Both Worlds as Aussie Bucks China-Driven Drop in Iron Ore (Bloomberg)
Australia is caught in a disconnect between the trajectory of its key commodity export and a currency that refuses to follow suit, constricting an economy that policy makers are trying to stimulate.
Dollar Gains Amid Advance Against Commodity-Reliant Currencies (Bloomberg)
The dollar remained near session highs with its strongest gain this month as commodity-dependent currencies fell amid a drop in oil.
Fischer Says Foreign Economies Better Able to Handle Fed Hikes (Bloomberg)
Federal Reserve Vice Chairman Stanley Fischer painted a picture of a brightening global economy that can better manage the spillover of gradual monetary tightening in the U.S.
Why it is riskier to favor U.S. over foreign stocks in your portfolio (Market Watch)
The “home bias,” or disproportionately favoring domestic equities over foreign markets, is one of the biggest risk for U.S. investors, according to some analysts.
U.S. Delays Ruling on Canada Lumber Duties as Dispute Simmers (Bloomberg)
The U.S. Department of Commerce will postpone its deadline for preliminary anti-dumping duties on Canadian softwood lumber to June 23, according to a statement published in the Federal Register. The decision was initially expected by May 4.
Fed Beige Book: Modest Wage Growth Is Broadening (The Wall Street Journal)
A tightening labor market is putting broader pressure on wages as U.S. firms increasingly report trouble filling low-skilled jobs, according to a new Federal Reserve report.
Monument to Wall Street Glory Becomes Just Another Mortgage Loss (Bloomberg)
It was once a symbol of everything that went right on Wall Street — a mighty cathedral of frenetic trading on the Connecticut Gold Coast.
Filing Taxes in Japan Is a Breeze. Why Not Here? (NY Times)
Americans will spend more than six billion hours this year gathering records and filling out forms, just to pay their taxes. They will pay some $10 billion to tax preparation firms to help get the job done and spend $2 billion on tax-preparation software (programs that still require hours of work).
Bloomberg is taking a shot at the New York Stock Exchange (again) (Bloomberg)
Bloomberg is taking a shot at the New York Stock Exchange. Again.
The financial data giant just filed a letter with the Securities and Exchange Commission, complaining about changes to the fee schedule for some trading data from America's biggest stock exchange.
Japanese Trade Surplus Slumps To 14-Month Lows As Exports, Imports Surge (Zero Hedge)
Japanese adjusted trade balance tumbles over 500 billion yen in March (after surging around 500 billion yen in February) as lunar new year effects washed out and left the lowest trade surplus since January 2016.
Financials Stumble, But Still Lead Sectors For 1-Year Window (The Capital Spectator)
Financial stocks have been sliding over the last several weeks, but these companies remain comfortably in the lead for the trailing one-year return among US sectors, based on a set of proxy ETFs through Apr. 17.
Companies
Wells Fargo CEO Says Ousting Majority of Board Would Be ‘Crazy’ (Bloomberg)
Wells Fargo & Co.’s new chief executive officer, Tim Sloan, just survived his biggest test yet, when a board investigation found he wasn’t to blame for the bank’s notorious account scandal.
Amazon expands its literary horizons, making big imprint in translation niche (Seattle Times)
The literary translation community in the U.S. has a tradition of being highbrow, a carefully tended yet narrow reflection of the stirrings of global culture beyond the Anglosphere.
JPMorgan Said to Plan Tripling Size of New York Technology Hub (Bloomberg)
JPMorgan Chase & Co., the biggest U.S. lender, is planning to more than triple the size of its technology hub in New York City to increase space for the bank’s coders and data engineers, a person with knowledge of the matter said.
AmEx's Richer Rewards, Marketing Fuel Revenue After Costco Loss (Bloomberg)
The largest U.S. credit-card issuer by purchases reported surprisingly strong first-quarter revenue on Wednesday — evidence that sweeter rewards and a marketing campaign can help spur spending and blunt last year’s loss of a partnership with the warehouse retailer. AmEx’s stock rose in extended trading.
Exxon Mobil Corp. applied to the Treasury Department for a waiver from sanctions on Russia in an effort to restart its joint venture with state oil company PAO Rosneft, according to the Wall Street Journal's Jay Solomon and Bradley Olson.
The firm applied for a waiver to proceed in the Black Sea, according to people familiar with the matter.
Emirates Trims U.S. Flights After Trump's Bans Cut Demand (Bloomberg)
U.S. airlines stand to benefit from flight cutbacks by Dubai-based Emirates, which blamed President Donald Trump’s travel restrictions for hurting demand from Middle Eastern passengers.
Technology
Facebook building tech to help you to type with your brain and 'hear' with your skin (CNN)
The company has assembled a team of 60 scientists and engineers to work on the future of communication at Building 8, the company's mysterious new hardware division.
Google is reportedly adding an ad blocker to its mega-popular Chrome browser (Business Insider)
Google is reportedly developing a way to block ads directly from the Google Chrome Browser, according to a new report from the Wall Street Journal.
The new Google Earth lacks some important tools for researchers (Popular Science)
The world is right in the palm of your smartphone-holding hand. Google Earth rolled out a new version of its venerable globe this week, first for Chrome and Android, and later for other browsers and iOS.
Volvo will launch its first all-electric car in 2019 to take on Tesla — here's everything we know (Business Insider)
Volvo is looking to China for the future of its electric cars.
The carmaker said Wednesday that it plans to produce its first fully electric car in China and will export it around the world.
The Asus Tinker Board Gives North American Makers Have A New Computer Option (Digital Trends)
North American makers and hobbyists take note: There is another single-board computer option in town. Your options for building your own computing device just increased by one, and this time it’s being offered by a major consumer electronics company.
Android's new filters will help you purge unused apps (Engadget)
Use a smartphone for long enough and you'll likely accrue a bunch of apps you don't really use — think dead social networks or games you only ever tried once. How do you do that spring cleaning without sifting page by page through your app list? On Android, you now have some help.
Facebook's new 360 cameras bring exploration to live videos (Engadget)
Last year, Facebook announced the Surround 360, a 360-degree camera that can capture footage in 3D and then render it online via specially designed software.
Politics
A Bernie Sanders Campaign Adviser Was a Russian. Now He’s Speaking Out. (The Intercept)
A high-level adviser and operative for the 2016 Sanders campaign was Vitali Shkliarov, a Soviet-born citizen of Belarus. Shkliarov, who had previously worked on the 2012 Obama re-election campaign and for several other successful Democratic Party campaigns, has also become increasingly in demand as a political adviser and campaign manager in Russia, working for liberal candidates in opposition to President Vladimir Putin.
The judge Trump attacked for his Mexican heritage will preside over a high-profile immigration case (Business Insider)
The federal judge who President Donald Trump tried to discredit for his "Mexican heritage" will be overseeing a case involving a controversial deportation, USA Today reported.
British leader says no to televised debates (CNN)
If British voters were hoping for televised debates to help them decide in the election that was just announced, they'll be disappointed.
Trump Pick For Commerce's No.2 Withdraws, Blames Conflicts (Associated Press)
President Donald Trump's pick for deputy commerce secretary has withdrawn from consideration.
Todd Ricketts, a co-owner of the Chicago Cubs and son of TD Ameritrade founder Joe Ricketts, was unable to resolve conflict-of-interest issues in taking the No. 2 job at the department.
The White House is considering reviving the American Health Care Act — again — according to a CNN report Wednesday.
Tillerson Declares The Iran Nuclear Deal A Failure (Associated Press)
Secretary of State Rex Tillerson declared the Iran nuclear deal a failure on Wednesday but left open the possibility the Trump administration will uphold it nonetheless.
Tillerson accuses Iran of 'alarming provocations' as U.S. reviews policy (Reuters)
U.S. Secretary of State Rex Tillerson on Wednesday accused Iran of 'alarming ongoing provocations' to destabilize countries in the Middle East as the Trump administration launched a review of its policy toward Tehran.
After pressing Trump in private, Christie goes public with Gateway funding push (Politico)
A month ago, after the White House said it wanted to eliminate a key infrastructure funding program that was expected to pay for much of the new Gateway tunnel to New York, Gov. Chris Christie shrugged off the development and said he wasn’t particularly concerned about the future of the $20 billion project.
Georgia candidates dive into intense runoff campaign (Politico)
By the time Georgia voters woke up Wednesday morning, their House special election was already back in overdrive.
Health and Biotech
A new study reveals psychedelic drugs may actually heighten consciousness (Business Insider)
Many people who have used psychedelic drugs will tell you that the substances expanded their consciousness.
That might sound like mystical garbage, but a new paper published in the journal Scientific Reports suggests it might be more true than anyone realized.
Life on the Home Planet
Here’s what it’s like to go to a cherry blossom festival in Japan (Business Insider)
Every spring, all across Japan, people gather under cherry blossom trees to enjoy nature's delicate beauty. Here's what it's like to experience a cherry blossom festival in Japan.
Climate Change Is Transforming Arctic Rivers (Scientific American)
Climate change is transforming the rivers of the Arctic region.
The most dramatic shift is the rerouting of a major meltwater river in Canada that disappeared in what is, geologically speaking, the blink of an eye.
Another Nearby Planet Found That May Be Just Right For Life (Associated Press)
Astronomers have found yet another planet that seems to have just the right combination to support life.
This new big planet is rocky, like Earth. It's not so hot and not so cold. And it's not so far away, either.
Antarctica is leaking from the inside out (Popular Science)
When climate scientists look at Antarctica, they see a ticking time bomb. If the ice sheet melts, it will raise sea levels by tens of feet, flooding coastal cities around the globe.
Meltwater Is Now Streaming Across Antarctica (Science Alert)
The first continent-wide survey of its type has spotted a worrying trend on the glaciers of Antarctica: meltwater streams that are far more widespread than previously thought, suggesting the frozen continent is even more vulnerable to future temperature rises than predicted.
