STOCKS DO NOTHING: Here’s what you need to know

Stocks didn’t move much from their starting points on Thursday in a another day of muted trading.

We’ve got all the headlines, but first, the scoreboard:

  • Dow: 21,624.57, -16.18, (-0.07%)
  • S&P 500: 2,473.88, +0.03, (+0.00%)
  • Nasdaq: 6,389.90, +5.19, (+0.08%)
  • US 10-year yield: 2.266%, -0.002
  • WTI crude oil: $US46.73, -0.39, -0.83%
  1. Yogaworks pulled their IPO just before they would have started trading. YogaWorks, a chain of 50 studios spread across six US metropolitan areas, pulled its initial public offering on Thursday, the day it was originally expected to price, citing market conditions.
  2. The Bank of Japan held rates as expected. It also upped its economic assessment and forecasts for GDP growth while downgrading its view on the outlook for inflation. This outcome was widely anticipated.
  3. The European Central Bank also held rates. For the time being the ECB’s bond buying program will remain capped at €60 billion per month and its interest rates — a deposit rate of -0.4% for banks, and a base interest rate of 0.0% — will be maintained.
  4. Bitcoin surged. The cryptocurrency surged over 15% in trading on Thursday.
  5. Trump says he thinks the jobs report numbers are real now. During a meeting at the White House, Trump said that he believes in the unemployment rate now. “I said, for a long time they don’t matter,” trump said. “But now I accept those numbers very proudly.”
  6. Bill Gross thinks the global economy is like a dying umpire. Gross again criticised the Federal Reserve’s moves to help the economy recover from the Great Recession. This time, he compared the Fed’s bond-buying program to John McSherry, a Major League Baseball umpire who suffered a heart attack on the field in 1996.
  7. Sears said it will now sell its products on Amazon. The company on Thursday announced plans to start selling its Kenmore-branded appliances — such as refrigerators, dishwashers, and washing machines — on Amazon. Sears stock jumped over 11% on the news.


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