Stocks were little changed in trading on Monday.
All three major US stock indexes moved less than one-tenth of one per cent during trading, and the VIX index — a measure of the S&P 500’s volatility — remained below 10.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 21,631.51, -6.23, (-0.03%)
- S&P 500: 2,459.22, -0.61, (-0.05%)
- Nasdaq: 6,314.35, +1.97, (+0.03%)
- US 10-year yield: 2.309%, -0.010
- WTI crude oil: $US46.10, -0.44, -0.95%
- Amazon filed a patent for a meal-delivery service, sending Blue Apron’s stock lower. The Jeff Bezos-led juggernaut filed a trademark application on July 6 for “prepared food kits,” as reported by TheStreet.com’s Laura Berman early Monday morning. Blue Apron’s stock sank more than 10% to $US6.60, below its IPO price of $US10 a share.
- Netflix is set to report earnings. The streaming service will report earnings for its second quarter after the close. Prior to earnings, short interest in the stock soared to its highest level of the year.
- Sears is borrowing more money from CEO Eddie Lampert’s hedge fund. Lampert, through his hedge fund ESL Investments, has agreed to give the company a $US200 million credit line. “This facility is intended to provide the company with the flexibility to generate additional liquidity on an as-needed basis,” Sears CFO Rob Riecker said in a statement. The stock jumped by more than 10% in trading.
- Tesla slid in trading after comments from CEO Elon Musk. Shares slid by around 2.5% after Musk said Tesla’s “stock price is higher than we have any right to deserve.” Musk later followed up in a tweet: “Tesla stock is obviously high based on past & present, but low if you believe in Tesla’s future. Place bets accordingly.”
- Bobby Flay’s Burger Palace is going public. Bobby’s Burger Palace will attempt to raise $US15 million and subsequently be listed as “FLAY” on the NYSE, using the Regulation A+ offering established by the SEC in 2015.
- Chinese stocks plummeted. Stocks plummeted across China on Monday, with 500 stocks hitting their 10% daily limit and 1,200 falling 7%, according to the South China Morning Post. They’re calling it another ‘Black Monday’