STOCKS SLIP FROM RECORD HIGHS: Here's what you need to know
The S&P 500 lost 0.1%. Meanwhile, the Dow rose 0.2% and the more tech-heavy Nasdaq decreased 0.5%.
First up, the scoreboard:
- Dow: 22,210.92, +53.36, (+0.24%)
- S&P 500: 2,496.07, -2.30, (-0.09%)
- Nasdaq: 6,429.08, -31.10, (-0.48%)
- US 10-year yield: 2.20%, +0.002
- WTI crude oil: $49.69, +0.39, +0.79%
1. Bitcoin is tumbling after Chinese regulators say an exchange ban is certain. Reports from Bloomberg and The Wall Street Journal on Monday first indicated that China planned to ban trading of bitcoin and other virtual currencies on its exchanges.
2. The stock market's secret weapon may be vanishing. Research firm Strategas Partners argues that the US dollar could be due for a reversal, which would put a damper on a driver that's been helping corporate profits.
3. JPMorgan reveals who it thinks will replaced Warren Buffett at Berkshire Hathaway. The bank's analysts named Greg Abel, who currently heads the firm's utility business, as the most likely successor.
4. Credit Suisse provided a graphic that explains everything that's going on in money management right now. The firm weights passive funds, smart beta and ETFs, as well as their more active counterparts.
5. Amazon is bringing its biggest weapon to Whole Foods to make sure it succeeds: it's Amazon Prime service. A Morgan Stanley analyst says 80% of current Prime members don't shop at Whole Foods.
ADDITIONALLY:
More and more older Americans are slipping into poverty
Morgan Stanley has a wild plan for how GM could unlock stockholder value
Tesla is climbing after announcing its semi truck launch date
Ethereum is plunging following reports China could ban cryptocurrency trading
The FDA just approved the first direct competitor to a billion-dollar cancer drug
We're about to see a Wall Street billionaire slap fight about whether the sky is blue
Nestlé is spending up to $500 million to buy a majority stake in the trendy coffee chain Blue Bottle
Goldman Sachs' new ETF is fueling a Wall Street price war