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The Nasdaq got whacked on Thursday afternoon.
The tech-heavy index fell by as much as 1.6% in the early afternoon before slightly backtracking.
First up, the scoreboard:
- Dow: 21,796.55, +85.54, (+0.39%)
- S&P 500: 2,475.42, -2.41, (-0.10%)
- Nasdaq: 6,382.19, -40.56, (-0.63%)
- US 10-year yield: 2.316%, +0.034
- WTI crude: $49.12, +0.37, +0.76%
1. One of the most controversial parts of the Republican tax plan is dead. “While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform,” said a statement put out Thursday by Republican leaders, including House Speaker Paul Ryan, and members of the Trump administration.
2. Jeff Bezos is the richest person in the world. Amazon’s stock rose slightly in early trading Thursday, making CEO Bezos the richest man in the world. His wealth is primarily held in shares of Amazon, according to data from Bloomberg. He owns 16.7% of shares outstanding, or about 81 million shares, according to a recent SEC filing.
3. Twitter shares fell after the company said it didn’t add any new users last quarter. In its letter to shareholders, Twitter said it was able to boost engagement among daily users during Q2 with more push notifications, email alerts, and timeline improvements. But monthly user growth was offset by “lower seasonal benefits and other factors.”
4. The Senate probe into big pharma’s hand in the opioid crisis just got bigger. Senator Claire McCaskill (D-MO) will now add drugmakers Mallinckrodt, Endo, Teva, and Allergan to the probe, as well as distributors AmerisourceBergen Corporation, and Cardinal Health, Inc.
5. Mnuchin says the Trump administration may seek a NAFTA provision to deter currency manipulation. The Treasury Secretary, testifying before the House Financial Services Committee, said that currency manipulation by U.S. trading partners needs to be met with an impact, “and not just talk.”
6. Bill Ackman is buying up shares in a company that might manage your firm’s payroll. The Pershing Square Capital Management CEO’s initial purchases of Advanced Data Processing, a New Jersey-based provider of payroll and benefits services, are competed, but he may buy additional shares through new funds that he’s launching, according to a Bloomberg News report.