Stocks were little changed on Monday amid a muted reaction to the French election, the outcome of which was already largely priced into markets.
All three major indices were almost completely unmoved on the day, after the S&P 500 and Nasdaq finished last week at records.
First up, the scoreboard:
- Dow: 21,011.66, +4.72, (+0.02%)
- S&P 500: 2,399.19, -0.03 (0.00%)
- Nasdaq: 6,102.66, +1.90 (+0.03%)
- US 10-year yield: 2.3795%, +0.0308
- WTI crude: $US46.44, +0.22, +0.48%
1. One bullish indicator for stocks just reached a record. Expected price swings in the S&P 500 are at a record low, which implies a lack of nervousness and is generally viewed as a bullish signal for the stock market.
2. Apple broke its own record as the most valuable publicly traded company of all time. Shares of Apple opened at a price of $US149.06 a share on Monday. With 5.2 billion shares outstanding, Apple’s market cap was $US776.60 billion. That beat Apple’s most recent market-cap peak, set back in February 2015 at $US774.7 billion.
3. Wall Street is expecting the worst of the retail apocalypse this week. The focus of earnings season shifts this week to brick-and-mortar retailers, with companies including Macy’s and Nordstrom set to announce first-quarter results. Analysts are not expecting to be impressed.
4. A communications company caught in a bidding war between Verizon and AT&T has seen its stock explode over 500% in 3 months. Straight Path Communications, an owner of spectrum rights for fifth generation, or 5G, networks, has been the subject of a heated bidding war between the two wireless giants.
5. Warren Buffett and Bill Gates don’t think Trump’s tax cut will help business. In an interview with CNBC on Monday, both Gates and Buffett downplayed the benefits of Trump’s proposed tax cut for businesses and said the promised higher growth from the cut was overplayed.
6. These 2 charts highlight Wall Street’s scepticism around Trump’s tax plan. Wall Street analysts are telling President Donald Trump that they don’t expect tax reform to help earnings until next year at the earliest.
More from Joe Ciolli:
- These 2 charts highlight Wall Street’s scepticism around Trump’s tax plan
- One bullish indicator for stocks just reached a record
- Coach is buying Kate Spade for $US2.4 billion (COH, KATE)
- A millennial asked Warren Buffett what value his firm adds — here’s what he said
- ‘WE BLEW IT’: Charlie Munger says it was a mistake for Berkshire Hathaway to not invest in Google and Walmart (GOOGL, WMT)
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