STOCKS DIP LOWER: Here's what you need to know

Stocks edged lower on Friday as investors weighed an investigation into President Donald Trump, speculating that his economic agenda may be delayed.

The S&P 500 lost 0.2%, while the Dow and Nasdaq declined 0.2%. Invstors are also looking ahead to a Federal Reserve meeting next week, as well as a fresh batch of manufacturing data.

First up, the scoreboard:

• Dow: 21,574.37, -38.13, (-0.18%)
• S&P 500: 2,471.60, -1.71, (-0.07%)
• Nasdaq: 6,384.65, -5.44, (-0.09%)
• US 10-year yield: 2.23%, -1.50
• WTI crude oil: $45.62, -1.30, -2.77%

1. A mystery trader just made a massive bet that the stock market will go crazy by October. Move over 50 Cent, there's a new volatility vigilante in town, and he's going big. In an ideal outcome, the trader would see a $262 million payout.

2. Stock moves are 'downright insane' after earnings, and investors have to get it right. Earnings season is growing in significance for money managers amid bigger price fluctuations and deeper risk to the downside. And investors aren't yet effectively positioned to benefit from this new volatility regime.

3. The quietest market in decades is masking big money-making opportunities. Don't be fooled by a near-record low VIX, there are a lot of asset price swings happening under the surface. As such, S&P 500 implied correlation is at its lowest since 2007, making market conditions ideal for stock pickers.

4. Microsoft's big earnings beat is because of one business that is exploding. That would be its cloud computing platform, which reported $7.43 billion in revenue, an 11% increase year over year.

5. Jeff Bezos and Mark Zuckerberg have each seen their fortunes swell by more than $20 billion this year. Both CEOs have been huge beneficiaries of surging stock prices for their respective companies.

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