US stocks declined as losses in tech and industrial shares dragged major indexes lower.
The S&P 500 fell 0.3%, while the Dow Jones Industrial Average lost 0.4% and the more tech-heavy Nasdaq Composite index decreased 0.2%.
First up, the scoreboard:
- Dow: 23,372.36, -86.00, (-0.37%)
- S&P 500: 2,578.59, -6.81, (-0.26%)
- Nasdaq: 6,781.72, -11.79, (-0.17%)
- US 10-year yield: 2.35%, -0.01
- WTI crude oil: $US56.58, +$US1.44, +2.61%
1. Walmart is making a mockery of the retail apocalypse — and traders are betting it will keep soaring. They’re paying the lowest premium in two years to hedge against a decline in the stock, which surged after the company raised full-year guidance.
2. Goldman Sachs says Tesla’s new big rig won’t solve its Model 3 problems. Analyst David Tamberrino acknowledges that the company’s semi truck will provide a short-term boost, but that the Model 3 production bottleneck will keep weighing on the stock.
3. A $US423 billion investor explains why tech stocks are defying a warning sign. Jim McCaughan, CEO of Principal Global Investors, says that the Shiller CAPE valuation metric doesn’t apply to tech companies because of the changing nature of the market.
4. A bidding war for 21st Century Fox could break out. Disney was the first interested buyer, with Comcast and Verizon coming in about a week later.
5. Bitcoin bursts through $US8,000. Prices have steadily rebounded after demand for offshoot bitcoin cash skyrocketed over the weekend, which sent bitcoin falling as low as $US5,600.