Ilya Naymushin
Markets opened Tuesday down following North Korea's latest missile launch, in which the country fired a missile over Japan early Tuesday morning local time.
All three major indices finished slightly up by day's end.
First up, the scoreboard:
- Dow: 21,866.87, +58.47, (+0.27%)
- S&P 500: 2,446.98, +2.78, (+0.11%)
- Nasdaq: 6,305.77, +21.48, (+0.34%)
1. The dollar tumbled to its lowest level since January 2015, extending losses that began last week as traders turned to safe-haven assets. The index has now fallen by over 10% since US President Donald Trump's inauguration.
2. US-China relations could see a "real deterioration" after North Korea's missile launch. "Because the military options won't be recommended by [Defense Secretary James] Mattis and the generals, near term Trump's clearest options are to up the pressure on China - something he's been intent on doing anyway," Ian Bremmer, president of Eurasia Group, told Business Insider.
3. Best Buy tumbled after the CEO said strong sales are not a "new normal." Best Buy Co Inc, the No.1 U.S. electronics retailer, reported better-than-expected quarterly earnings and sales on Tuesday, helped by strong demand for smartphones, connected home, and wearable devices.
4. Finish Line crashed after slashing its forecast for profits. Finish Line Inc said on Monday its board adopted a shareholder rights plan and cut its adjusted profit forecast for fiscal 2018. The news plunged its shares by as much as 31% in premarket trading Tuesday. Nike and Under Armour dropped after the news, as well.
5. Bitcoin hit a record high above $4,600. Bitcoin has been on a tear since it split in two on August 1, resulting in the creation of bitcoin cash. Since the split, investors have gotten more confident in the stability and scalability of the digital currency. Its price has more than doubled since August 1, and it is up over 350% year-to-date.
ADDITIONALLY:
Wall Street is divided over the future of banks.
Trump's trade threats are based on a deep misunderstanding of the US-China economic relationship.
Hurricane Harvey throws another wrinkle into Congress' wild "budget brawl."
Trump seems hell-bent on bringing back an economic horror we haven't seen since the 1970s.