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.