Stocks slid slightly on a quiet summer day on Wall Street as political risks bubbled in the background and US housing data came in weak.
All three major US stock indexes declined on the day, with the Dow Jones industrial average falling the most.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 21,812.61, -87.28, (-0.40%)
- S&P 500: 2,444.02, -8.50, (-0.35%)
- Nasdaq: 6,278.41, -19.07, (-0.30%)
- New homes sales sank to a seven month low. New-home sales fell 9.4%, to a seasonally adjusted annual rate of 571,000 units in July, the lowest level since December. The percentage drop was the largest since August 2016.
- Fitch Ratings put Congress on notice regarding the debt ceiling. The credit rating agency officially said that the US’ AAA credit rating would be in jeopardy if the government cannot reach a deal on the debt ceiling in time. Treasury Secretary Steven Mnuchin has said the limit will be reached at the end of September.
- Google and Walmart are teaming up to take on Amazon. Walmart’s products will be offered through Google’s commerce platform, Google Express, starting in September.
- Snapchat is trying to lure small businesses with discounts. The platform is offering discounts to brands to help format their ads in Snapchat’s style in an attempt to bolster ad revenue. Speaking of Snap, the lead underwriter for its IPO — Morgan Stanley — once again lowered their price target for the company’s stock.
- Trump threatens a government shutdown over funding for the wall. Trump said during a campaign rally that he is willing to have the government shut down if there is not money for the wall in a funding bill, heightening political uncertainty around the myriad things Congress needs to get done by the end of September.