Stocks moved by less than 1% for a record 13th straight day (for as long as data has been kept), as the market remained fairly placid.
The Dow and S&P 500 alternated between positive and negative territory, but ultimately finished in the red, while the Nasdaq closed in on its all-time closing high of 5,218.86.
Before we get to the big headlines, let’s head to the scoreboard:
- Dow: 18,385.61 (-38.45 , -0.21%)
- S&P 500: 2,170.50 (-3.00, -0.13%)
- Nasdaq: 5,184.20 (+22.06, +0.43%)
- WTI Crude oil: $39.99 (-1.61, -3.87%)
- 10-year Treasury yield: 1.496 (+0.038, +2.61%)
- SolarCity agreed to a $2.6 billion deal with Tesla. The solar panel firm and electric carmaker finalised an all-stock deal, combining two of Elon Musk’s public companies. The combination valued SolarCity at $25.37 per share.
- Uber sold off it’s Chinese business for $35 billion. Uber, the massive ride sharing firm, said it was merging its Chinese operations with rival Didi Chuxing. As part of the deal, Didi will invest $1 billion in Uber Global.
- Verizon is buying Fleetmatics for $2.4 billion. The week after acquiring Yahoo’s core businesses for $4.8 billion, the telecom giant bought Fleetmatics, which helps track businesses vehicles using GPS.
- Crude oil fell under $40 a barrel. This was the first time the US benchmark, West Texas Intermediate, has dropped below that level since mid-April.
- The Markit manufacturing PMI jumped to 52.9. The index came in right in line with expectations and indicated the sector is in expansionary territory.
- One of America’s largest movie theatre chains, AMC, blamed its bad earnings on bad movies. AMC entertainment missed expectations on both profit and revenue. In its release, the firm blamed the “lacklustre film slate” for its quarterly struggles. Shares of the company fell over 3% for the day.
- Amazon passed ExxonMobil to become the 4th most valuable company in the world. Based on market capitalisation, Amazon surpassed ExxonMobil as the tech giant has seen its online shopping business explode while Exxon is in the midst of a terrible time for the oil industry.