STOCKS FALL: Here's what you need to know

Stocks staged a comeback amid reports that White House Chief Strategist Steve Bannon was stepping down, but then rolled over into the market close.

Here’s the scoreboard:

  • Dow: 21,674.13, -76.60, (-0.35%)
  • S&P 500: 2,425.49, -4.52, (-0.19%)
  • Nasdaq: 6,216.53, -5.39, (-0.09%)

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  1. The White House said Bannon and John Kelly, the chief of staff, agreed that Friday would be Bannon’s last day. Any lessening of Bannon’s influence could be seen as beneficial to markets because of his anti-global-trade stance.
  2. Deere boosted its forecast for sales this year amid more demand for its farming equipment. The company said Friday that “improving market conditions throughout the world” contributed to a 31.1% year-over-year increase in profits.

  3. A sour bet on the direction of natural gas prices contributed to Goldman Sachs’ weak performance in commodities trading during the second quarter. According to The Wall Street Journal, the bank had wrongly bet on an increase in gas prices in the Marcellus shale in Ohio and Pennsylvania.
  4. Foot Locker crashed 28% after earnings. The sneaker retailer reported earnings of $US0.39 a share, much lower than Wall Street’s estimates of $US0.89. Revenue was also light, coming in at $US1.7 billion, which was lower than the $US1.8 billion that was expected by the Bloomberg consensus.


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