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Stocks nudged higher to a new record as investors weighed new inflation data in an attempt to forecast the Federal Reserve’s next move.
The S&P 500 rose less than 0.1%, up slightly from a new record high reached on Tuesday. Meanwhile, the Dow rose 0.2%, while the more tech-heavy Nasdaq increased 0.1%.
First up, the scoreboard:
- Dow: 22,158.18, +39.32, (+0.18%) S&P 500: 2,498.37, +1.89, (+0.08%) Nasdaq: 6,460.19, +5.91, (+0.09%) US 10-year yield: 2.20%, +0.024 WTI crude oil: $49.31, +1.08, +2.24%
1. Apple’s iPhone X event is impacting other stocks across the market. That includes such companies as Dolly Labs, Snap, Samsung and Western Digital.
2. Apple’s new watch has traders punishing one massive retailer. That would be Swatch, which is seeing big share declines, while options traders position for further weakness.
3. Societe Generale says ‘dangerous volatility’ is inciting flashbacks to the financial crisis. Strategists led by Alain Bokobza, the firm’s head of global asset allocation, said that the current low-volatility environment reminds them of the period leading up to the 2008 financial crisis.
4. JPMorgan’s quant guru says cryptocurrencies have ‘some parallels to fraudulent pyramid schemes.’ Marko Kolanovic explains in detail why the explosion of assets like bitcoin remind him of the early stages of a pyramid scheme.
5. Bitcoin has tanked since Jamie Dimon called it ‘a fraud.’ The JPMorgan CEO said yesterday that he would fire any trader that transacted the cryptocurrency for being stupid.