Stocks slid on Tuesday amid a lacklustre session.
All three major indices moved less than 0.3% as stocks stayed mired in a tight trading range. The S&P 500 declined after climbing to a record on Friday, while the Nasdaq Composite inched higher to a new all-time high.
First up, the scoreboard:
- Dow: 20,972.62, -39.66, (-0.19%)
- S&P 500: 2,396.18, -3.20 (-0.13%)
- Nasdaq: 6,119.01, +16.36 (+0.27%)
- US 10-year yield: 2.398%, +0.0109
- WTI crude: $US46.04, -0.39, (-0.84%)
1. Job openings unexpectedly tick up. They rose to 5.743 million in March, up from the prior month’s downwardly revised 5.682 million.
2. An insurer just stepped in to save Tennessee’s Obamacare market from disaster after insurer Humana decided to step away from the Knoxville-area individual insurance marketplace. However, Blue Cross Blue Shield of Tennessee (BCBST) said it would step into the area and provide coverage next year.
3. Traders are doubling down on their bets against Snap. Short sellers have pushed short interest to the highest level since the company’s March 1 initial public offering, selling a whopping $US100 million short over the past week alone.
4. Silver has entered a downward spiral and the rest of the year looks bleak. Since peaking near $US18.60 an ounce mid-April, the precious metal has slumped 13% as it loses allure with miners, commercial users and consumers.
5. Valeant explodes after boosting guidance. Shares surged after the company raised 2017 adjusted EBITDA forecast to a range of $US3.6 billion to $US3.75 billion, up from the range of $US3.55 billion to $US3.7 billion that the company provided in February.
6. Tesla’s soaring stock price is causing investors to overthink everything. A hedge fund has concocted a complicated Tesla strategy, which is symptomatic of investor confusion around the company.
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