US STOCKS GET CRUSHED: Here's what you need to know

Stocks tumbled from their strongest levels of the day as rumour swirled that Gary Cohn, President Donald Trump’s top economic adviser, was resigning. They lost more ground after a van plowed into a crowd in Barcelona, Spain, in what authorities said was a terrorist attack.

Here’s the scoreboard:

  • Dow: 21,780.76 -244.11 (-1.11%)
  • S&P 500: 2,433.59 -34.52 (-1.40%)
  • Nasdaq: 6,235.18 -109.93 (-1.73%)
  1. Walmart on Thursday reported second-quarter earnings and revenue that topped Wall Street estimates, boosted by an increase in foot traffic and by strong online sales. Walmart said food categories delivered their strongest comparable-store sales performance in five years, as food inflation boosted the performance by “approximately 30 basis points.”
  2. Alibaba , China’s top e-commerce firm, crushed analysts’ estimates with a 56% rise in first-quarter revenue. The results were driven by growth in online sales, which make up most of its business.
  3. Activist investor Bill Ackman says shares of payroll-processor ADP could double in five years, and the company needs to improve its profit margins and integrate its business lines. Ackman’s hedge fund Pershing Square disclosed earlier this month an 8% holding in the company. Earlier this month, Pershing Square’s disclosure of it stake in the company sparked a testy-back-and-forth between the activist fund and the company which handles Americans’ paychecks.

Additionally:

False rumours that Gary Cohn is leaving the White House just spooked Wall Street — for good reason

The Fed just fired off a stark warning — and it highlights one of the biggest risks for stocks

Banks are cutting back on lending to the riskiest borrowers

America’s CEOs realised the deals they’d cut with Trump aren’t worth it — Detroit’s experience shows us why

‘The president is becoming more isolated’: Trump’s Charlottesville response may force GOP lawmakers to move on without him

Snap executives have started selling their shares

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