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US stocks declined as losses in tech and industrial shares dragged major indexes lower.
The S&P 500 fell 0.3%, while the Dow Jones Industrial Average lost 0.4% and the more tech-heavy Nasdaq Composite index decreased 0.2%.
First up, the scoreboard:
- Dow: 23,358.24, -100.12, (-0.43%)
- S&P 500: 2,578.85, -6.79, (-0.26%)
- Nasdaq: 6,782.79, -10.50, (-0.15%)
- US 10-year yield: 2.35%, -0.01
- WTI crude oil: $56.59, +$1.45, +2.63%
1. Walmart is making a mockery of the retail apocalypse – and traders are betting it’ll keep soaring. They’re paying the lowest premium in two years to hedge against a decline in the stock, which surged after the company raised full-year guidance.
2. Goldman Sachs says Tesla’s new big rig won’t solve its Model 3 problems. Analyst David Tamberrino acknowledges that the company’s semi truck will provide a short-term boost, but that the Model 3 production bottleneck will keep weighing on the stock.
3. A $423 billion investor explains why tech stocks are defying a warning sign. Jim McCaughan, CEO of Principal Global Investors, says that the Shiller CAPE valuation metric doesn’t apply to tech companies because of the changing nature of the market.
4. A bidding war for 21st Century Fox could break out. Disney was the first interested buyer, with Comcast and Verizon coming in about a week later.
5. Bitcoin bursts through $8,000. Prices have steadily rebounded after demand for offshoot bitcoin cash skyrocketed over the weekend, which sent bitcoin falling as low as $5,600.