STOCKS TUMBLE LOWER: Here’s what you need to know


Stocks tumbled lower on Thursday amid mounting investor uncertainty following the release of economic data that was weaker than expected.

The S&P 500 dropped 1%, while the Dow slid 0.8% and the Nasdaq lost as much as 1.1%. The Nasdaq, heavily weighted toward mega-cap tech stocks, has been a lightning rod for volatility in recent weeks, and Thursday’s trading was another example of that.

The weakness in US equities was part of a broader global selloff that saw European stocks drift lower, while bond markets around the world also took big losses.

First up, the scoreboard:

  • Dow: 21,323.81, -151.79, (-0.72%)
  • S&P 500: 2,410.09, -22.48, (-0.92%)
  • Nasdaq: 6,089.46, -61.39, (-1.00%)
  • US 10-year yield: 2.37%, +0.036
  • WTI crude oil: $US45.26, +0.13, +0.29%

1. Tesla has been dethroned as the largest US automaker. The stock fell for the third straight day, and played right into the hands of short sellers, who have been waiting for a big share decline.

2. Warren Buffett’s Berkshire Hathaway is reportedly close to buying an electric-utility giant. The deal could be announced as soon as Thursday, according to the Wall Street Journal.

3. GOLDMAN SACHS: Here’s how to make money in the most boring market in years. They say to buy stocks, specifically those outside the US, as well as high-yield bonds.

4. Qatar Airways hopes to start scooping up American Airlines shares soon. And it’s willing to hit the open market to do so. That was the message relayed by Qatar’s CEO on Thursday. The company remains interested in buying up to 4.75% of American’s outstanding shares.

5. Here’s your full preview of the upcoming jobs report. The June report will be released at 8:30 a.m. ET on Friday, and economists are expecting nonfarm payrolls totaling 178,000.


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