STOCKS SNOOZE, DOLLAR FALLS: Here's what you need to know

The stock market had another relatively quiet day and the three major indexes closed almost flat, although the S&P 500 and Nasdaq notched intraday record highs.

The dollar slid to a six-month low, while the classic safety trades — the yen, US Treasurys and gold — all rallied. Some strategists pointed to the reports that President Donald Trump shared classified intelligence with Russian officials last week.

Here’s the scoreboard:

  • Dow: 20,979.89, -2.05, (-0.01%)
  • S&P 500: 2,400.29, -2.03, (-0.08%)
  • Nasdaq: 6,164.01, +14.33, (0.23%)

  • US Dollar Index: 98.02, -0.78 (-0.79%)
  1. Ford plans to cut its salaried workforce in North America and Asia by about 10%, Reuters reported. The layoffs are coming as Ford works to boost profits and its stock price, a person familiar with the situation told Reuters.
  2. The teen clothing retailer Rue 21 has filed for Chapter 11 bankruptcy protection. The company on Tuesday said it had entered into agreements with lenders to reduce its debt and provide additional capital in support of a restructuring.
  3. Dicks Sporting Goods tanked 15% after the company reported same-store sales that were less than analyst estimates and trimmed its forecast for the full year. Comparable sales for the quarter climbed 2.4%, missing consensus forecasts of 3.6% growth.
  4. TJX, the owner of off-price chains Maxx and Marshalls, reported its slowest comparable-store sales growth in more than 10 years. The 1% rise in comp sales missed the estimate for 1.5% growth.
  5. Twitter popped 1.4% following news that Biz Stone, its co-founder, is rejoining the company after almost six years away. Stone rejoins Twitter amid a stall in new-user growth.
  6. New housing construction unexpectedly declined in April. Housing starts fell 2.6% to a seasonally adjusted annual rate of 1.17 million units, the Commerce Department said. Some of the drop in starts, especially in the Northeast, could be weather-related after a snowstorm in March.


Traders betting against Snap made $US150 million off its earnings disaster

There’s a new biggest risk to global markets

Wall Street says the Nasdaq is the new most crowded trade

Goldman Sachs’ top economist is losing confidence in the Fed’s ability to raise interest rates

Meet the 9 hedge fund managers who made the most money in 2016

UBS: A ‘narrative shift’ could send Apple stock soaring

Trump was reportedly inspired to hurry up his tax plan after reading a New York Times op-ed

More from Akin Oyedele:

NOW WATCH: 15 things you didn’t know your iPhone headphones could do

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.