Stocks fell amid continuing cynicism from Friday’s jobs report, but major tech developments made the day interesting.First, your scoreboard:
Dow: 12,930, -131 pts, -1.00%
NASDAQ: 3,047, -33 pts, -1.09%
S&P 500: 1,382, -16 pts, -1.14%
These were the day’s top headlines:
- Asian markets fell across the board. The Nikkei led the plunge, closing down 1.47 per cent. European markets were closed today.
- Chinese CPI came in hotter than expected, rising to 3.6 per cent year-over-year in March after a 3.2 per cent reading in February. That is bad news for China bulls expecting monetary policy easing to stimulate the economy. These 15 American States Would Get Slammed In Chinese Hard Landing >
- BTIG downgraded Apple from BUY to Neutral just ahead of the Opening Bell. It forecasts a serious revenue miss later this year—primarily based on sour iPhone sales—despite an impressive second quarter. Shares of AAPL still rose nearly 1 per cent during the day. Here’s Where All That Talent Leaving Apple Ends Up >
- AOL will sell 800 patents and licence 300 more to Microsoft for a cool $1 billion. Shares of AOL rallied more than 43 per cent today.
- Facebook announced that it bought mobile-only photo-sharing app Instagram for $1 billion in cash and stock, on the heels of a $50 million financing round the smaller company reportedly closed last week. Instagram’s integration with Facebook’s mobile app is expected to streamline picture-taking and -sharing. 15 Hilarious Twitter Reactions To Facebook’s Purchase Of Instagram >
- Former commodities trader Vincent McCrudden was sentenced to two years and four months in jail today after threatening 47 financial regulators via email and on his website. Vincent McCrudden’s Long History Of Abusive Emails >
- BONUS: MORGAN STANLEY PRESENTS: The 10 Best Stocks In America >