Stocks finished the day down slightly, with the S&P 500 posting a three-day losing streak, as a brief rebound in tech stocks failed to float markets back to the green.
Snap in particular got a much needed boost, gaining more than 9% after Barclays said the stock was at a “turning point” and could reach $US18. Still, CCredit Suisse says the brief tech lull could be a great time to buy the sector.
Here’s the scoreboard:
- S&P 500: 2,629.57 (-0.37%)
- Dow: 24,182.00 (-0.44%)
- Nasdaq: 6,762.21 (-0.19%)
- Oil: $US57.65 (+0.35%)
- 10-year treasury bond: 2.76% (-0.04)
- Republicans received two new alarming reviews of their tax plan. A Gallup poll showed 29% of Americans approve of the bill, while 56% disapprove. Meanwhile, a Quinnipiac poll showed 29% approved and 53% disapproved.
- Disney and 21st Century Fox are closing in on a deal that could come as quickly as next week, according to a CNBC report citing sources familiar with the matter. Disney’s stock price sunk 2.7% while Fox was up about 0.3% by close.
- Speculation is growing that Tesla could merge with SpaceX – and it would make a lot of sense.
- There’s a tug of war raging over control of the stock market as sectors trade independently of each other.
In other news…
- Bitcoin blew past another record high as JPMorgan touted its potential as an ’emerging asset class’
- Amazon could have given us a big hint that it’s not going to start selling prescription drugs after all.
- Bank of Americathinks its stock is cheap. And to show you that it’s serious, the firm plans to buy back more of its own shares.