Written by Gary
DOW ends Friday trade off 76 points or 0.3%; SP 500 sinks 0.7% (SPY -0.7%) as weak earnings reports from major technology companies weighed on the sector.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | U.S. appeals court to reconsider Hyundai-Kia gas mileage settlementA U.S. appeals court will reconsider its decision to throw out a $210 million nationwide class-action settlement for owners of Hyundai Motor Co and Kia Motors Corp vehicles whose fuel economy was inflated. |
| CBS probes misconduct claims against CEO Moonves amid legal battleU.S. broadcasting and media company CBS Corp said on Friday it was investigating allegations of personal misconduct by its chief executive Leslie Moonves ahead of an upcoming New Yorker article that is expected to detail the claims. |
| New York state revokes approval of Charter-Time Warner Cable dealThe New York State Public Service Commission said Friday it revoked its approval of the 2016 merger agreement between Charter Communications Inc and Time Warner Cable, arguing that Charter failed to build out its network for enough homes, and said the company must end its operations in the state. |
| Tech stocks weigh on Wall StreetWall Street’s major indexes were lower on Friday as weak earnings reports from major technology companies weighed on the sector. |
| Sanctions blamed as Silicon Valley firms won’t ship some kit to RussiaTwo Silicon Valley firms have stopped shipping some electronic components to Russian customers even though they are not on the list of firms subject to U.S. sanctions, according to sources who work in the sector and a document seen by Reuters. |
| IBM wins $83 million from Groupon in internet patent fightA U.S. jury on Friday awarded International Business Machines Corp $83 million in a patent dispute with e-commerce company Groupon Inc . |
| Trump hails growth as one-offs and consumers boost economyThe U.S. economy grew at its fastest pace in nearly four years in the second quarter as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July. |
| Factbox: Trump touts strong economy; facts are more nuancedU.S. President Donald Trump on Friday hailed a report on economic growth as a sign that the economy was mounting a remarkable turnaround under his stewardship. The facts are more nuanced. |
| Interactive Brokers increases margin requirement for TeslaInteractive Brokers Group said on Friday it will increase margin requirements for clients making Tesla Inc bets due to recent volatility in shares of Elon Musk’s electric car company. |
| Carnage EverywhereWell that happened… As a reminder, Despite all the hoopla, GDP missed…leaving US Macro data at its weakest relative to expectations since…
China stocks rolled over…
And Yuan collapsed… |
| Bill Clinton Heckled By Angry Prostitutes In AmsterdamBill Clinton was heckled by activists at the International AIDS Conference in Amsterdam on Friday while he was giving a speech.
Walking down the center aisle with red umbrellas, protesters demanded the decriminalization, respect and protection of sex workers and drug users – while also vehemently opposing the location of the next conference scheduled for San Francisco in 2020.
Clinton responded to the protesters objection to San Francisco as the venue for 2020, telling them: “You should also know for those of us who care about this issue in the United States, it is … |
| Watch: Do Alexandria Ocasio-Cortez Supporters Understand Socialism?Authored by Cabot Philips via Campus Reform, Last month, 28 year-old Alexandria Ocasio-Cortez shocked the world by defeating incumbent Rep. Joe Crowley to earn the Democratic nomination in New York’s 14th Congressional District.
Ocasio-Cortez gained notoriety nationwide not just for her youth, but for her unabashed embrace of Democratic Socialism. In her official platform, Ocasio-Cortez offers support for free college, “housing as a human right”, “medicare for all,” and a mandatory minimum living wage. |
| “I Dissent” – Why One SEC Commissioner Thinks A Bitcoin ETF Is OverdueFollowing news last night that The SEC decided to reject The Winklevoss twins’ Bitcoin ETF application, the cryptocurrency fell just 2% and stabilized, suggesting, in and of itself, that Bitcoin may have matured somewhat…
And judging by SEC Commissioner Hester Pierce’s “I Dissent” response and tweet exclaiming “Apparently, bitcoin is not ripe enough, respectable enough, or regulated enough to be worthy of our markets. I dissent”
…we suspect she feels the same way. |
| Facebook’s Terrible Timing and Why a Trade Deal Matters for Tech StocksMany tech companies were seen as immune from trade tensions, but Facebook released a worrying outlook just as that benefit may wane. |
| Esports go prime time this weekend, and that’s big news for stock-market investorsOverwatch League championship playoffs are in Brooklyn — and on Disney’s ESPN. |
| These states don’t charge sales tax on back-to-school shoppingParents expect to spend more than $300 on clothing, footwear and school supplies. |
| Medill News Service: Self-driving car testing bill may get Senate voteAn industry-backed bill to speed up the rollout of automated vehicles may get a Senate vote after months of delay. |
Summary of Economic Releases this Week
Earnings Summary for Today
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