Stocks alternated between gains and losses throughout the day, but settled close to where they started on Monday.
Without any major US economic data and no S&P 500 companies reporting earnings, the news-starved market remained quiet with its record 30th straight trading day without a move of 1% in either direction.
The S&P 500 and Dow Jones ended in the red, but the tech-focused Nasdaq eked out a small gain.
We’ve got everything you need to know in markets, but first, the scoreboard:
- Dow: 18,530.31, -22.26, (-0.12%)
- S&P 500: 2,182.68, -1.19, (-0.05%)
- Nasdaq: 5,244.60, +6.22, (0.12%)
- WTI crude oil: $47.42, -$1.71 (-3.44%)
- Pfizer bought cancer drugmaker Medivation for $14 billion. Pfizer outbid rivals including Sanofi, which had made a public bid of $9.3 billion in April, to acquire the maker of a game-changing cancer treatment.
- Kobe Bryant is launching a venture capital fund. The former NBA star is partnering with tech entrepreneur and investor Jeff Stibel on a $100 million fund. According to the Players’ Tribune, Bryant has already invested in 15 companies over the past 3 years.
- Valeant has a new CFO. The troubled pharmaceutical company named Paul Herendeen, formerly of animal health company Zoetis, to run its financials.
- Costco is having even more problems with its credit card. Some users of the discount retailers’ cards were sent messages from Citi informing them their accounts had been closed. Citi said this mistake was caused by a computer error.
- Folger Hill, a hedge fund run by an acolyte of Steve Cohen, has lost one-third of its assets. Due to redemptions and losses in the markets, the formerly $1.1 billion fund run by former SAC Capital employee Solomon Kumin has lost a significant portion of its assets.
- Ralph Lauren and Speedo are ending their endorsement deals with Ryan Lochte. The swimmer is being dropped after he “overexaggerated” a story about being robbed at gunpoint in Rio de Janeiro, Brazil while he was there for the Olympics.
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