STOCKS FALL FROM RECORD HIGH: Here's what you need to know
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US stocks slipped from record highs amid a report that Canadian officials think President Donald Trump will pull the US out of NAFTA.
The S&P 500 decreased 0.1%, while the Dow Jones Industrial Average slid less than 0.1% and the more tech-heavy Nasdaq 100 fell 0.14%.
First up, the scoreboard:
- Dow: 25,372.26, -13.54, (-0.05%)
- S&P 500: 2,748.22, -3.02, (-0.10%)
- Nasdaq: 7,153.48, -11.97, (-0.14%)
- US 10-year yield: 2.55%, +0.004
- WTI crude oil: $63.40, +$0.44, +0.70%
1. The 3-decade bond bull market is in danger. Yields on 10-year Treasurys hit their highest level in 10 months, prompting high-profile investors like Bill Gross and Jeffrey Gundlach to start discussing the end of the more than 30-year rally.
2. Stocks are trading in a way not seen since the peak of the tech bubble. They're trading more independently of macro factors than at any point since 2001, according to Morgan Stanley.
3. Ripple's XRP has lost half of its value in less than a week. The negative spiral began on Monday, when popular data site CoinMarketCap opted to exclude prices from South Korean cryptocurrency exchanges from its data, causing the prices to show dramatic drops on its site.
4. DoubleLine Capital CEO Jeffrey Gundlach says the stock market will end its historic streak of gains in 2018. He says that higher interest rates could drive the stock market lower, and highlights the 2.63% 10-year treasury yield as a threshold to watch.
5. It looks like Warren Buffett has narrowed his choice for successor down to two people. The Berkshire Hathaway CEO named Greg Abel and Ajit Jain to the company's board on Wednesday and also broadened their responsibilities, moves seen as positioning them to potentially take over running the firm.
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