Stocks climbed toward record highs as investors digested corporate earnings results.
The S&P 500 added 0.2%, while the Dow increased 0.3% and the Nasdaq rose 0.2%. Traders are anxiously awaiting the next batch of jobs data, with the monthly non-farm payroll due Friday morning.
First up, the scoreboard:
- Dow: 21,962.13, +71.01, (+0.32%)
- S&P 500: 2,475.25, +4.86, (+0.20%)
- Nasdaq: 6,358.05, +9.81, (+0.15%)
- US 10-year yield: 2.25%, -0.041
- WTI crude oil: $US49.20, -0.97, -1.93%
1. Bitcoin splits in two. There are now two separate versions: bitcoin cash and bitcoin. The decision came after bitcoin’s power brokers were unable to come behind a single solution that would have preserved a unified cryptocurrency.
2. Wall Street is at war with itself over the future of stocks. Amid an uncertain outlook for the US stock market, even strategists within the same firms disagree about the path forward.
3. The hottest investment strategy on the planet makes hitting earnings more crucial than ever. Over the past seven quarters, stocks with high passive ownership that missed on both earnings and revenue have lagged those with low passive exposure by 1.5 percentage points the following day.
4. Big Three auto sales fall hard in July. The slump in US auto sales extended into July with the Big Three carmakers reporting declines that were worse than expected.
5. The S&P 500 is making a new rule that bars Snap from joining. The index will start excluding companies that issue multiple classes of shares, a move that effectively keeps Snap out after its decision to offer stock with no voting rights.