Mr. Market is struggling to move on from Turkey worries, and Macyâs disappointing results are a drag as well.
While the Turkish lira
is continuing to recover, Recep Erdogan & Co. are ramping up their tariffs on American goods. Turkeyâs leaders describe todayâs move as âretaliation for the conscious economic attacks by the United States.â
But this geopolitical angst hasnât been doing that much for gold
Â , which is trading around levels last seen in January 2017. And that brings us to our call of the day from A Wealth of Common Senseâs Ben Carlson, who suggests that the safety playâs future isnât so bright.
âI donât think you can rule out the possibility that goldâs
value to society could be called into question in the decades ahead,â Carlson writes at his blog.
Whatâs the problem? He points to the disruption-minded tech sector and suggests that post-boomer generations might not take as much of a shine to the metal.
âIsnât it possible faith in gold could potentially die out with the older generations?â asks Carlson, who is Ritholtz Wealth Managementâs director of institutional asset management. âDoesnât technology present a massive risk to goldâs standing as a store of value going forward?â
The idea could be that Silicon Valley is providing other vehicles for hoarders.
Read more: Rising angst around global politics doesnât move gold like it used to
Yet he isnât gaga over cryptocurrencies such as bitcoin
Â , which has been called âdigital gold.â His take on cryptos: âItâs going too far in the other direction to assume bitcoin or something similar will completely replace gold.â
Donât miss: Bullion bulls â this app turns gold into a digital currency
Carlson also expects resistance to his musings: âCue the hate mail from the gold bugs.â And he does throw the metalâs fans some bones.
âI understand some of the reasoning behind the fact that people still put a lot of faith in the yellow rock â itâs survived as a store of value for thousands of years and can act as an uncorrelated asset,â he writes.
Counterpoint: The case for a gold play as the metal loses its shine
Also see: Meet âgreen goldâ â and the stock for betting on it
Key market gauges
Futures for the Dow
Â , S&P 500
are trading lower, after the Dow
Â , S&P
and Nasdaq Composite
closed solidly higher yesterday.
is falling, and Asia finished mixed. Oil
is lower, while the dollar index
is slightly higher. Bitcoin
is trading around $6,300.
See the Market Snapshot column for the latest action.
âHold the champagne! This is not the longest bull market on record or since WWII, as the current buzz on The Street would have you believe,â writes Stock Traderâs Almanac editor Jeff Hirsch as he provides our chart of the day.
See: The bull market is set to become the longest in history
Investors should consider using Ned Davis Research definitions for such things, Hirsch says in a post at his Almanac Trader blog. By that shopâs rules, a bull market requires a 30% rise in the Dow Jones Industrial Average after 50 calendar days, or a 13% rise after 155 calendar days.
That has Hirsch declaring: âUsing Ned Davis rules, the longest bull began on Oct. 11, 1990, and ran for 2,836 calendar days until July 17, 1998. The current bull that began on Feb. 11, 2016, would have to run until Nov. 17, 2023, to beat it.â
Read more: Is this bull market really 9 years old?
Warren Buffettâs Berkshire Hathaway
has been buying more Apple
Â , and George Soros & Co. like Facebook
sales missed expectations ahead of the opening bell, and Cisco
are due to report after the close.
See: Cisco earnings â Duo acquisition is nice, but what have you done for us lately?
A $9.2 billion all-stock deal: Diamondback Energy
â owner of the coveted FANG ticker â has agreed to buy Energen Corp.
Have you been baffled by Ford
lately? Jim Hackett, the auto makerâs new CEO, has a style thatâs baffling to many, says a Wall Street Journal report.
Are you ready for some data? Retail sales, the Empire State survey and readings on productivity and costs hit before the open, along with a report on industrial production. Once trading is underway, watch for releases on business inventories and a housing market index.
Check out: MarketWatchâs Economic Calendar
âExperience hard work at a good, early ageâ â Reddit co-founder (and husband of Serena Williams) Alexis Ohanian talks with MarketWatch.
The death toll has risen to âat least 35â for that highway bridgeâs collapse in Genoa, and Italian Deputy Prime Minister Matteo Salvini is trying to blame the EU.
âHe doesnât speak to people. I think he had some problems; he lost his father and at the same time lost his brother in two months, but I donât know how recently.â â An unnamed acquaintance talks to The Times of London about Salih Khater, who has been named as the suspect in yesterdayâs attack by the U.K. Houses of Parliament.
Khater is reportedly a 29-year-old British citizen originally from Sudan. A car crashed into barriers outside the Houses of Parliament yesterday morning in the suspected terrorist attack, injuring several people. President Trump sounded off on the development, tweeting that âthese animals are crazy and must be dealt with through toughness and strength!â
âItâs like being a movie star,â says Gail Wise, the first Ford Mustang owner.
Electric flight is coming, but the batteries are too heavy for now.
Benches cleared in the Giants-Dodgers game, with Puig at the center of it.
Advice from Scottish librarians:
If you’re feeling low
Read a book
Your low will go#WednesdayWisdom pic.twitter.com/cnx5JIqb3Y
— National Library of Scotland (@natlibscot) August 15, 2018
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