Earnings season is officially in full swing.
The Dow Jones industrial average crossed 23,000 today but closed just below the milestone. It was the first time the index closed below a 1,000 point milestone it hit on the same day since it hit 16,000. It’s still a record-high close.
Here’s the scoreboard:
- Dow: 22,996.30, +39.34, (0.17%)
- S&P 500: 2,559.56, +1.92, (0.08%)
- Nasdaq: 6,623.09, -0.35, (-0.01%)
- US 10-year yield: 2.30%, -0.02
- WTI crude oil: $US51.95, 0.03, 0.06%
- MORGAN STANLEY: A stock market correction is ‘looking more likely.’ The correction could stretch beyond 5%, according to the bank.
- Financial networks and businesses are distancing themselves from Marc Faber after a racist investor letter. Faber wrote, “thank god white people populated America, and not the blacks” in his October newsletter.
- New York City yellow cabs have taken a back seat to Uber. People took more Ubers than yellow cabs for the first time ever in June.
- Wall Street found a parasite growing in the US economy that could spur the next recession. Wall Street’s short sellers are beginning to talk about healthcare as the next major threat to the US economy.
- Key senators just reached a deal to save the Obamacare payments Trump just killed. The payments help to defray costs to insurers that are mandated to provide plans with low out-of-pocket costs to poorer Americans.