Stocks snoozed into the close on Tuesday after the Fed released its latest Beige Book and Apple announced its new line-up.
The Dow and the S&P 500 finished in the red, while the Nasdaq just barely scraped into the green.
First off, let’s head to the scoreboard:
- Dow: 18,514.53, -23.59, (-0.13%)
- S&P 500: 2,185.40, -1.01, (-0.05%)
- Nasdaq: 5,277.05, +8.02, (+0.15%)
- WTI crude oil: $45.44, +$0.61, (+1.36%)
- 10-year yield: 1.537, -0.006, (-0.36%)
- The Fed came out with its latest Beige Book. The economy is still expanding at a modest pace, inflation is “slight,” and labour markets in most districts remained tight, the Fed noted.
- The number of job openings in America jumped to a record high. The Bureau of Labour Statistics reported that the number of job openings hit a record 5.871 million in July. Meanwhile, the quits rate rose to 2.1%, just below the cycle high of 2.2% reached last December.
- The percentage of Americans without health insurance just hit an all-time low. The Centres for Disease Control and Prevention (CDC) reported that during the first three months of 2016, 11.9% of Americans aged 18 to 64 (those who do not qualify for Medicare) were without insurance, while just 5.0% of children aged 0 to 17 were lacking coverage.
- Australia has not seen a technical recession for 25 years. The Australian economy grew by 0.5% quarter-over-quarter in the April through June period, slightly below economists’ expectations of 0.6%.
- JPMorgan announced two big promotions in a key trading business. The firm announced that Mark Leung and Jason Sippel would become global co-heads of equities, effective immediately, following the departure of Tim Throsby to Barclays.
- Apple shares were up 0.6% at $108.38 after the company announced its latest line-up.
- Meanwhile, Nintendo shares went bananas after the company announced Mario is coming to the iPhone. Nintendo’s Shigeru Miyamoto took the stage at Wednesday’s Apple iPhone 7 launch event to make the surprise announcement of Super Mario Run — finally bringing Nintendo’s flagship video game character to smartphones. At one point, shares in the company jumped up over 25%, to $35.45 a share.
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