STOCKS SLIDE: Here's what you need to know
Around noon ET, the Dow was down by 101 points, the S&P 500 was down 11 points, and the Nasdaq was down 12.
As for how they finished, let's head to the scoreboard:
- Dow: 18,469.64 (-0.54%)
- S&P 500: 2,167.43 (-0.35%)
- Nasdaq: 5,095.08 (-0.10%)
- WTI Crude oil: $43.06 (-2.56%)
- 10-year Treasury yield: 1.575 (+0.44%)
1. It's official: Verizon will acquire Yahoo for $4.8 billion. Verizon will scoop up Yahoo's search, mail, content, and ad-tech businesses. The deal will double Verizon's digital advertising business, which is now poised to reach an estimated 4.5% share of the US internet advertising market, according to eMarketer.
2. Yahoo is the latest piece of Verizon's $10 billion plan to challenge Facebook and Google. Now, with its Yahoo acquisition, Verizon can expand some content offerings, with the company lauding Yahoo's 1 billion monthly active users (including 600 million monthly active mobile users, writes Business Insider's Myles Udland.
3. A handful of tiny firms will make a killing from the Verizon-Yahoo deal. Firms have been scrambling to get a piece of the deal, and, in the end, boutique firms LionTree Advisors, Allen & Company, Guggenheim Securities, and PJT Partners came out as the big winners.
4. The Dallas Federal Reserve's business activity index surprised on the upside. The business-activity index rose to -1.3 in July, above economists' expectations of -10.0, and an improvement from the previous month's 18.3. The Dallas Fed's report also included comments from respondents' completed surveys, and, notably, several people comments on a shortage of quality labor.
5. The Turkish lira had a strong day. The lira strengthened up to 3.0254 per dollar around 9:45 a.m. ET, before retracing some of its steps later in the day to around 3.0377 per dollar in the afternoon. This follows lat week, when the lira fell to a record low against the dollar after S&P downgraded Turkey.
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