- Kevin Lamarque/Files/Reuters
Stocks saw another quiet day for markets.
All three major indices finished little changed.
First up, the scoreboard:
Dow: 20,905.86, -8.76, (-0.04%) S&P 500: 2,373.47, -4.78, (-0.20%) Nasdaq: 5,901.53, +0.53, (+0.01%) US 1o-year yield: 2.464%, (-0.036 pp) WTI crude: $48.90, -0.41, (-0.83%)
1. Snapchat finally has its first “buy” rating from Wall Street. “We recognize we are potentially giving too much credit for unproven skills in building a business, rather than just a product, but we see more to Snap than many suggest,” James Cakmak, an analyst at the boutique equity-research firm Monness.
2. Article 50, the formal notification of Britain’s intention to leave the EU, will be triggered on March 29. Prime Minister Theresa May will notify President Tusk in a written letter, as set out in the article. “The prime minister has confirmed that she will give a statement to parliament as well,” a spokesperson for Prime Minister Theresa May said.
3. Disney rallied after “Beauty and the Beast” smashed a box office record. The movie raked in a weekend box-office total of $350 million, $170 million in the US and $180 million overseas.
4. Wall Street is getting worried “Trumpcare” could delay the biggest thing it wants from Trump. Wall Street has eagerly been looking forward to corporate tax reform, but delays in healthcare reform could lead to delays in tax reform.
5. One of the biggest hedge fund launches in recent memory is prepping to double in size. UK-based Rokos Capital Management, which makes macroeconomic bets, is looking to grow its number of portfolio managers to 10 from five in a gradual expansion, people familiar with the matter said.
6. Oil tumbled as US production is showing no signs of slowing down. On Friday, data from oilfield-services company Baker Hughes showed that the oil-rig count rose for a 9th straight week. The count climbed by 14 to 631, the highest level since September 25, 2015.
7. Bitcoin crashed 20% as developers fight over its future. The crypto-currency fell as low as $970 after reaching $1,259 last week.