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President Donald Trump on Thursday said the White House would declare the opioid crisis to be a national emergency, something he didn’t do during a discussion on the topic he held earlier this week. “We’re going to draw it up and we’re going to make it a national emergency,” Trump told reporters from his golf resort in Bedminster, N.J., before comparing it to LSD during his youth. “But this is a national emergency and we are drawing documents now to so attest.”

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From:: Stock Market News

The S&P 500 is just three days removed from, and 1.1% below, its record close of 2,480.91 on Monday, but stocks hitting new 52-week lows on the NYSE are outnumbering new highs by 142-to-52 score. That’s the biggest spread of new lows over new highs since Nov. 14, 2016, when it was 293 to 85. On Wednesday, new lows outnumbered new highs by a 113-to-104 score, when the S&P 500 was just two days removed and just 0.3% below its record close.

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Wheat futures prices on Thursday logged their lowest settlement in about two months after the U.S. Department of Agriculture raised its global wheat production estimate because of record output in Russia. The USDA raised its world output projection on wheat for the 2017/2018 crop year to 743.18 million metric tons in its latest monthly report, from its previous estimate of 737.83 million metric tons. Russian wheat output “rocketed to a record 77.5 million metric tons, beating last year’s record by 5 million tons,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading LLC. Corn and soybean futures also declined Thursday. The USDA production estimates “shocked the grain markets with corn yields beating trade estimates by about 3 bushels per acre and soybeans by almost 2 bushels per acre,” said Gilbertie. September wheat fell 4.1%, at $4.40 1/2 a bushel. December corn ended at $3.71 a bushel, down 4% and November soybeans lost 3.4% to $9.40 1/4 a bushel.

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Another Uber Technologies Inc. executive is stepping down from his role, according to reports Thursday. Ryan Graves, Uber’s first employee and a former chief executive at the company, is stepping down from his role as senior vice president of operations, but will remain on the company’s board, according to media reports. Graves steps down from the executive team as the company is still searching for a chief executive, after former CEO Travis Kalanick stepped down. Other open positions include chief finance officer, chief marketing officer and chief operating officer.

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From:: Stock Market News

Options for Snap Inc.’s stock are implying a big one-day move in the stock, after the Snapchat parent reports second-quarter results after the close, unless of course you compare it with the reaction to the previous quarter’s report. A “straddle” option strategy is currently pricing in a one-day post-earning move of 14%, in either direction, said E-Trade Senior Strategist David Whitmore in an emailed note to MarketWatch. “That’s a $2 swing for a stock currently trading at $13.50–so a lot of action expected,” Whitmore wrote. But the day after first-quarter results, which was the first report since Snap went public on March 2, 2017, the stock plunged 21.5% on May 11 after the company reported a wider-than-expected loss and revenue that didn’t rise as much as projected. Snap’s stock has tumbled 25% since May 11, while the S&P 500 has gained 2.2%.

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Gold prices on Thursday finished at their highest level in more than two months Thursday, adding to the previous session’s sharp daily rise, as simmering North Korean tensions buoyed haven bids. December gold finished up $10.80, or 0.8%, at $1,290.10 an ounce, marking the highest level for a most-active contract since June 7, when the metal finished at $1,293.20 an ounce, FactSet data showed. Geopolitical tension persists after a North Korean army commander said “sound dialogue is not possible” with U.S. President Donald Trump and “only absolute force can work on him,” according to state media. The rise for the yellow metal also comes as the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index looked set to post their worst succession of down days since April.

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Nvidia Corp. option traders appear to be expecting some fireworks in the stock after the graphics chip maker reports second-quarter results after Thursday’s closing bell. An options strategy known as a straddle, which involves the simultaneous buying of bullish and bearish options expiring Friday at strike prices near current prices, is implying a one-day post earnings move of about 11% in either direction, according to an analysis of data provided by FactSet. That’s well above the average post-earnings move of 7.8% after the past 20 quarterly reports; the median move was 6.3%. During that time, the average move during up days has been 10.5% while the average move on down days was 2.8%. The implied move is more in line with the average of 12%, and the median of 10.5%, over the past 10 quarters. The stock, which closed at a record $172.35 on Monday, slumped 2.7% in afternoon trade ahead of the results. It has rocketed 38% the past three months, while the PHLX Semiconductor Index has edged up 2.9% and the S&P 500 has gained 2.1%.

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PayPal Holdings Inc. announced Thursday that it is acquiring small-business lender Swift Financial. The online lender’s shares were down 2.8% in early afternoon trading. PayPal did not disclose the deal’s terms and said the acquisition would close by the end of the year. Delaware-based Swift Financial offers credit to businesses through loans and advances, and the deal will increase small-business owners’ access to capital via loans of up to $500,000, and credit to merchants not using its services. PayPal has operated its own Working Capital unit since 2013, and has loaned more than $3 billion to small-businesses in total. PayPal shares have climbed more than $35% year-to-date, while the S&P 500 index has gained 9.4%.

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