Stocks declined after hitting a record high on Wednesday as traders weighed the possibility of tax reform and speculated on the Federal Reserve’s next action.
The S&P 500 fell 0.2%. Meanwhile, the Dow slid 0.2% and the more tech-heavy Nasdaq decreased 0.1%.
First up, the scoreboard:
- Dow: 22,826.96, -45.93, (-0.20%)
- S&P 500: 2,549.30, -6.30, (-0.25%)
- Nasdaq: 6,587.92, -14.64, (-0.23%)
- US 10-year yield: 2.32%, -0.02
- WTI crude oil: $US50.65, -0.65, -1.27%
1. Trump’s claim that he’s given stocks an ‘unprecedented’ boost is dead wrong. There have been multiple post-election periods where the S&P 500 was higher through Oct. 11 of the next year, according to a Business Insider analysis.
2. Bank of America says ‘this is not your parents’ tech bubble.’ The firm argues that market conditions are much more stable this time around, and that the influence of the sector is smaller.
3. JPMorgan beats, shrugs off tough trading quarter. The firm posted earnings of $US1.76 a share, above the $US1.65 consensus, with the consumer and community banking and corporate and investment banking units topping forecasts.
4. Citigroup beats on earnings results as its bread-and-butter business shines. The firm reported third-quarter earnings of $US1.42 per share, a nearly 8% beat.
5. More and more stocks are doing the market’s heavy lifting. Morgan Stanley finds that the earnings and sales growth contribution of the market’s biggest companies has been falling since 2010.