Stocks were relatively calm amid a flurry of business and political headlines on Monday.
Around noon ET, the Dow was down by 101 points, the S&P 500 was down 11 points, and the Nasdaq was down 12.
As for how they finished, let’s head to the scoreboard:
Dow: 18,493.06 (-0.42%) S&P 500: 2,168.48 (-0.30%) Nasdaq: 5,097.63 (-0.05%) WTI Crude oil: $43.11 (-2.44%) 10-year Treasury yield: 1.575 (+0.44%)
1. It’s official: Verizon will acquire Yahoo for $4.8 billion.Verizon will scoop up Yahoo’s search, mail, content, and ad-tech businesses. The deal will double Verizon’s digital advertising business, which is now poised to reach an estimated 4.5% share of the US internet advertising market, according to eMarketer.
2. Yahoo is the latest piece of Verizon’s $10 billion plan to challenge Facebook and Google. Now, with its Yahoo acquisition, Verizon can expand some content offerings, with the company lauding Yahoo’s 1 billion monthly active users, including 600 million monthly active mobile users, writes Business Insider’s Myles Udland.
3. A handful of tiny firms will make a killing from the Verizon-Yahoo deal. Firms have been scrambling to get a piece of the deal, and, in the end, boutique firms LionTree Advisors, Allen & Company, Guggenheim Securities, and PJT Partners came out as the big winners.
4. The Dallas Federal Reserve’s business activity index rose to -1.3 in July, above expectations. The Dallas Fed’s report also included comments from respondents’ completed surveys, and, notably, several people comments on a shortage of quality labor. “Entry-level candidates cannot read or follow instructions. Most cannot do simple math problems. What is wrong with the educational system?” one respondent in chemical manufacturing said.
5. The Turkish lira had a strong day. The lira strengthened up to 3.0254 per dollar around 9:45 a.m. ET, before retracing some of its steps later in the day to around 3.0377 per dollar in the afternoon. This follows last week, when the lira fell to a record low against the dollar after S&P downgraded Turkey.