The S&P 500 and Nasdaq started the week by rising to all-time intraday highs, and traded in the tight range that has characterised markets for the last few summer weeks.
First, the scoreboard:
- Dow: 18,655.33, +78.86, (0.42%)
- S&P 500: 2,192.66, +8.61, (0.39%)
- Nasdaq: 5,266.72, +33.82, (0.65%)
- WTI crude oil: $45.74, +$1.25, (2.81%)
- Russia and Saudi Arabia are finally talking about oil supply. Crude oil prices rose for a third straight day following news of the conversation between the two OPEC heavyweights to create “market stability.” Russia is likely also in the talks to boost Rosneft, the state-owned oil company. Rosneft reported a 134 billion-ruble drop in second-quarter profits on Monday.
- A bunch of hedge fund 13-F filings are out. The quarterly regulatory filings show recent investment holdings that could have been changed by the time they’re disclosed. Among the highlights: Seth Klarman’s Baupost Group and Lee Cooperman’s Omega Advisors bet big on Citigroup, and Tiger Management dumped Netflix.
- Dropbox is thinking about going public in 2017. Bloomberg reported that the cloud-storage provider started talking to advisors about whether an IPO next year would be a good idea. A decision has not been made. Dropbox is worth $10 billion and is one of the most richly valued tech startups, so its IPO could be huge.
- In economic data, the National Association of Home Builders’ housing market index climbed to 60 from 58 in July, as new construction and sales rose. And, the Empire Manufacturing Index fell to -4.2 in August. Businesses reported little improvement in employment and new orders, and said they expected hiring and the average workweek to decline in the coming months.
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