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Stocks were little changed on Thursday as investors digested former FBI director James Comey’s Congressional testimony.
While the S&P 500 and Dow barely budged, the Nasdaq Composite index climbed 0.3% to a new record. All three gauges hit all-time highs last Friday.
First up, the scoreboard:
Dow: 21,182.58, +8.89, (+0.04%) S&P 500: 2,433.77, +0.63, (+0.03%) Nasdaq: 6,322.52, +25.16, (+0.40%) US 10-year yield: 2.194%, +0.016 WTI crude oil: $45.62, -0.10, -0.22%
1. Wall Street is battling over whether scorching-hot tech stocks are too expensive. The answer varies, depending on which valuation metric one uses.
2. One of history’s most reliable stock-trading strategies is struggling. Value investing provided consistent gains for the better part of seven decades, but has faltered during the ongoing economic cycle.
3. Markets are so dead that some investors would be happy to hear any news – even if it’s terrible. At least that’s the view of Laurence Taylor, a portfolio specialist of global equities at T. Rowe Price.
4. Traders are cranking up their bets against Snap. They haven’t been this bearish on the stock since the period immediately following its IPO. Snap has been drawing the ire of analysts across Wall Street because of concerns over user growth.
5. Elon Musk taunted Tesla short sellers (again). The founder and CEO fired off several tweets, including one that read: “These guys want us to die so bad they can taste it.”