STOCKS SLIP LOWER: Here's what you need to know

Stocks slipped as weakness in commodities led shares of raw-material producers lower.

The S&P 500 lost 0.2%, while the Dow Jones Industrial Average slid 0.1% and the more tech-heavy Nasdaq Composite index declined 0.3%.

First up, the scoreboard:

  • Dow: 23,412.42, -27.28, (-0.12%)
  • S&P 500: 2,579.03, -5.77, (-0.22%)
  • Nasdaq: 6,737.59, -20.00, (-0.29%)
  • US 10-year yield: 2.38%, -0.02
  • WTI crude oil: $US55.61, -1.15, -2.03%

1. ‘Irrational exuberance’ could spell disaster for markets. Bank of America Merrill Lynch is sounding the alarm on what they perceive to be investor overconfidence, as valuations sit near record highs and cash levels dwindle.

2. Deutsche Bank says something ‘very unusual’ is happening in markets. They’re referring to the near-record streak of trading days without a 3-5% pullback for the S&P 500.

3. General Electric got hit for a 2nd straight day after announcing its turnaround plan. The company revealed a restructuring plan on Monday that it hopes will breathe life into their stock, which is down more than 30% this year.

4. Roku has tripled since going public — and traders betting against the stock are getting crushed. Short sellers have lost more than $US100 million since the company’s IPO in late September.

5. Two of Snap’s biggest investors just loaded up on more shares. Fidelity Investments and technology-focused hedge fund Coatue Management boosted their stakes in the social media company.


Tech stocks once again look unstoppable

Senate Republicans will try to repeal a core piece of Obamacare in their massive tax bill

The retail apocalypse is killing jobs, and it’s left ‘the economy vulnerable to an adverse shock’

A Chicago trading firm is setting up shop in Singapore to dominate the bitcoin market in Asia

Sessions declines to say if the White House asked the US Department of Justice to look into the AT&T-Time Warner merger

Gary Cohn had an awkward moment when CEOs appeared to shoot down one of the biggest arguments for the GOP tax plan

GoPro is falling after rolling out its 360 camera without its best features

CREDIT SUISSE: A takeover won’t save Buffalo Wild Wings

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.