STOCKS CLIMB: Here's what you need to know

Earnings season is officially in full swing.

Netflix hit an all-time high on Tuesday after reporting after the bell on Monday. Morgan Stanley and Goldman Sachs both crushed their earnings estimates before the bell on Tuesday.

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:

  1. MORGAN STANLEY: A stock market correction is ‘looking more likely.’ The correction could stretch beyond 5%, according to the bank.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Other headlines

Traders can’t stop betting against battered Blue Apron

Dow hits 23,000 for the first time

Wilbur Ross told Forbes he hid $US2 billion from the government and then took it back

Netflix CEO Reed Hastings joins Forbes list of richest Americans with net worth of $US2.3 billion

JEFFERIES: Amazon is adding 1 million square feet of warehouse space a week — and not slowing down anytime soon

Goldman Sachs just let slip how badly a key business is performing

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