Here is what you need to know.
Trump had the ‘worst day’ of his presidency.President Donald Trump suffered through the “worst day” of his presidency on Tuesday as his former longtime personal lawyer Michael Cohen pleaded guilty to eight counts related to tax evasion, bank fraud, and campaign finance violations and said he made illegal campaign and corporate contributions “at the direction of” a 2016 presidential candidate with the “purpose of influencing the election.” Also on Tuesday, Trump’s former campaign chairman Paul Manafort was convicted on eight counts related to tax fraud, bank fraud, and failure to report foreign bank accounts.
We are about to be in the longest bull market in history. The S&P 500 touched a record high of 2,873.23 on Tuesday, and the US stock market will be in its longest bull market in history, as measured by its rise from the trough hit in March 2009, at the end of the day Wednesday as long as there isn’t a 20% crash.
Russia is stockpiling gold as fresh US sanctions loom. Russia added about 26 tonnes of gold, worth about $US1 billion, as it sold Treasurys, in response to the first new US sanctions since 2014.
Bitcoin spiked after a major trading platform went down, and it created a golden opportunity for traders. The cryptocurrency spiked more than $US300, or 7%, in a matter of minutes Tuesday evening after a scheduled maintenance shutdown of the trading platform BitMEX created an arbitrage opportunity for traders.
A cryptocurrency is making huge inroads in Venezuela. Two hundred Venezuelan merchants a month are signing up to accept the cryptocurrency known as dash as hyperinflation runs wild in the country, Dash Core Group CEO Ryan Taylor told Business Insider.
Another Wall Street bank has dropped coverage of Tesla – and it could be a sign Elon Musk is making progress in taking the company private. It could also mean the Morgan Stanley analyst Adam Jonas is leaving the firm. Morgan Stanley declined to comment, and Tesla did not immediately respond to a request for comment.
Xiaomi releases its first results as a publicly traded company. The Chinese smartphone maker said revenue soared 68% in the second quarter amid strong sales of smartphones and connected devices, Reuters reports.
Tim Cook donates Apple stock to charity. Apple’s CEO donated 23,215 shares, worth about $US5 million, to an unspecified charity, according to a US Securities and Exchange Commission filing out Tuesday.
Earnings reports keep coming. Lowe’s and Target report ahead of the opening bell, while L Brands releases its quarterly results after markets close.
US economic data trickles out. Existing-home sales are scheduled for release at 10 a.m. ET, and the minutes from the Fed’s August meeting are set to cross the wires at 2 p.m. ET. The US 10-year yield is down 1 basis point at 2.82%.
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