President Trump put a strong bid into the market after tweeting of a “very good” conversation with President Xi of China.

Donald J. Trump‏ Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina. Also had good discussion on North Korea!

It’s been a fun session that has been swayed by signs of too much economic strength versus waning economic strength.  Unit labor costs popped and slowed down the market ahead of the open.  Then ISM Manufacturing data came in short of consensus and slowed down the market again.  The street was looking for 59.0 on headline.

ISM

• Headline 57.7 from 59.8
• New Orders 57.4 from 61.8
• Employment 56.8 from 58.8
• Prices 71.6 from 66.9

Higher prices are problematic, and while new orders and employment edged lower month over month, the pace is robust overall.

The big news is more manufacturers are complaining about tariffs, especially those under Section 232 on steel and aluminum.  I must say, the administration must be thinking about exemptions for Mexico and Canada after agreeing to USMCA, the market would love that development.

ISM Manufacturing 

Trump Saves NY Times

The New York Times was failing big time heading into the Presidential election when it caught the raft of then Donald J. Trump for their decidedly one-sided reporting on his candidacy.

He christened the company with the moniker: Failing New York Times in 2015.

Donald J. Trump Third rate reporters Amy Chozick and Maggie Haberman of the failing @nytimes are totally in the Hillary circle of bias. Think about Bill! 6:31 PM - Dec 24, 2015

There is no doubt the company had long been in trouble by the time campaigning began for the 2016 election.   In 2005, Mexican billionaire Carlos Slim injected $250 million for an eventual 17% stake to keep the company going.

Annual revenue plunged from $3.2 billion in 2006 to $1.5 billion in 2015.  By this time, Wall Street had given up on the company with several sell ratings, even today there are only 5 analysts covering the stock, and none have a buy rating.

On November 7, 2016, NY Times shares were changing hands at $12.25 a share. 

Without a doubt, Trump saved the NY Times, and how ironic is that?

Bracing for tomorrow’s jobs report – I think it’s going to be better than expected and will test how much Fed fear really exist on Wall Street.

 

Comments

I think Donald Trump is saving the world! If the Swamp doesn't kill him first, He should stop connecting the stock market to the republicans, It will eventually come back to bite him in the butt. Harvey Tilton on 11/1/2018 3:53:55 PM

I seriously miss your 6 o'clock newscast. What happened? I thought you had a better show than FoxNews from Washington. Love Liz McDonald but she's not Charles Payne. Too busy working at 2 pm to catch you. Dennis Howard on 11/1/2018 10:01:22 PM

Charles, please report, reply, investigate . MU micron semiconductor stolen bu Chinese military thru Taiwan, caught and charged by USA. But now what will happen to China deal & hope president Trump puts them on the national security stage. Charles, please explain to the FBN & Your loyal followers fans, what the Chinese copies of dram and other semiconductor products will cost USA in $billions $& what this does for national security to USA as these acts are just the newest stolen &caught thefts, but copies are already being forged in Chinese markets companies now. What's your thought about this Charles PAYNE? Thank you Charles PAYNE, & FBN. THANK YOU PRESIDENT TRUMP. PLEASE we USA CITIZENS know you our president Trump will make China pay for this & aircraft parts system also stolen bu Chinese military from USA & caught, hopefully not Boeing military aircraft SECRET weapons aircraft information, but stories are vague as to how much how long the stealing of information IP was done f pir,& how many more than the 2 arrested or just charges? J on 11/2/2018 12:33:57 AM

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