The S&P 500 and Nasdaq hit record highs on Monday before sliding into the close at the start of the busiest week of third-quarter earnings. The S&P 500 closed without a 3% drawdown for a 242nd straight day, the longest streak ever.
Here’s the scoreboard:
- Dow: 23,305.12 -23.51 (-0.10%)
- S&P 500: 2,567.59 -7.62 (-0.30%)
- Nasdaq: 6,594.34 -34.71 (-0.52%)
President Donald Trump tweeted to dispel reports that the forthcoming Republican tax-reform plan would place a cap on contributions to a traditional, tax-deferred 401(k). Trump said: “This has always been a great and popular middle class tax break that works, and it stays!”
- Saudi Aramco’s initial public offering remains on track to take place in 2018, CEO Amin Nasser told CNBC. The Financial Times reported earlier this month that the state-owned oil company was considering shelving IPO plans in favour of a private share sale to world sovereign funds and institutional investors.
- Tesla is in talks with Shanghai’s municipal government to set up a factory in the region. China imposes a 25% duty on sales of imported vehicles and has not allowed foreign automakers to establish wholly owned factories in the country, the world’s largest auto market.
- Netflix announced plans to offer $US1.6 billion in debt to fund original content. The company had signalled this in its earnings release last week.
- T-Mobile beat on both the top and bottom lines, and raised the lower end of its expected range of customer additions for the year. The wireless carrier has said it is open to various strategic options and has acknowledged interest in talking with Sprint about a merger.
- Cisco is buying the telecom-software company Broadcom for about $US1.9 billion including debt. The deal could improve Cisco’s sales to big telecom firms.
- The Toys R US bankruptcy is going to impact holiday sales, Hasbro says. The toy maker’s shares fell 9%.
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