US STOCKS GO NOWHERE: Here's what you need to know

The tech-heavy Nasdaq touched its all-time closing high early in the trading session but slipped with the two other major indexes to close red. The dollar continued climbing, and hit a 14-year high versus other major currencies.

First, the scoreboard:

  • Dow: 18,872.80, -31.02, (-0.16%)
  • S&P 500: 2,183.10, -4.02, (-0.18%)
  • Nasdaq: 5,324.58, -9.39, (-0.18%)
  1. DraftKings and FanDuel are merging. The two biggest US companies in fantasy sports said on Friday they are teaming up in a merger that will cut down on legal bills and advertising spending. Financial terms of the deal were not disclosed. The companies had each been valued at over $1 billion in earlier funding rounds before regulators cracked down on their industry, Reuters noted.
  2. Abercrombie & Fitch shares fell 14% after the teen-apparel retailer posted a bigger-than-expected drop in quarterly sales. Abercrombie’s net sales fell 6.5% to $821.73 million, down for the 15th straight quarter amid increased competition.
  3. The US oil rig count rose this week by 19 to 471, according to oil driller Baker Hughes. It was the largest weekly increase since July 2015, and the highest number of rigs since the week ending February 5, 2016. As crude prices stabilised in a price range between $40 and $50 per barrel earlier this year, demand for oilfield services increased.
  4. Bill Ackman, the activist hedge fund manager who heads Pershing Square Capital Management, is nearing a seat on Chipotle’s board. According to The Wall Street Journal, citing people familiar with the matter, Ackman and Chipotle are nearing an agreement that would give Pershing Square a board seat at the firm, allowing the investor a say in the direction of the chain.


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