Here is what you need to know.
- Stocks hit record highs. The S&P 500 and the Nasdaq closed in record territory on Tuesday, while the Dow Jones Industrial Average finished less than 200 points below its October peak.
- Trump nailed his stock-market call. “They have record kinds of numbers,” President Donald Trump said of American companies on December 25, one day after the stock market suffered its biggest Christmas Eve sell-off in history. “So I think it’s a tremendous opportunity to buy. Really a great opportunity to buy.”
- Snap’s user growth is still stalled. The social-media company beat on both the top and bottom lines, but its number of daily active users (190 million) has gone nowhere over the past year.
- Wall Street is bullish on Lyft. The nearly monthlong quiet period for the companies that underwrote Lyft’s March initial public offering has ended, and analysts from the companies are among those who recommended buying shares of the ride-hailing company.
- Trump’s move on Iran sanction waivers described as ‘the ultimate high wire act for oil prices.’ “All of these geopolitical stories could present a cruel summer scenario for President Trump as he seeks to keep oil prices in check,” analysts at RBC said.
- A leaked email shows a Wedbush exec wanted the firm to drop its Netflix coverage because it had been way off the mark. “The Brokers at the Firm would like us to stop covering NFLX,” Tim Podell, the vice president of investments at Wedbush Securities, wrote in an email to the firm’s equity-research team and Tony Lucas, a vice president and branch manager, asking them to stop publishing Netflix research written by the analyst Michael Pachter. “It has been 4 years + of a VERY VERY wrong call. The call has become a joke in the industry and media, as well as my clients ask me all the time what is this guys deal?”
- A fund manager beating 95% of his peers reveals his big bet for the future. Gerry Frigon, the lead manager of the Taylor Frigon Core Growth Fund, shares his secrets for constructing a portfolio and reveals where he is placing a big bet for the future.
- Alphabet’s drone delivery gets FAA approval. Wing, the aerial-delivery venture spun out of Google, is now allowed to begin dropping packages at people’s front doors in Virginia after receiving Federal Aviation Administration approval on Tuesday.
- Stock markets around the world are mixed. Hong Kong’s Hang Seng (-0.53%) paced the decline in Asia, and Germany’s DAX (+0.62%) leads in Europe. The S&P 500 is set to open little changed near 2,935.
- Earnings season kicks into high gear. AT&T, Boeing, Caterpillar, and Northrop Grumman report ahead of the opening bell, while Chipotle, Facebook, Microsoft, PayPal, and Tesla are set to release their quarterly results after markets close.
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