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Stocks slid then bounced back after Donald Trump Jr. released emails showing he hoped to get dirt on Hillary Clinton in an arranged meeting with a Russian attorney in 2016.The S&P 500 financials index fell the most, by more than 1%. Companies paying the most taxes fell as much as 0.8% before paring that loss.
Here's the final scoreboard:
- Dow: 21,420.27 +11.75 (0.05%)
- S&P 500: 2,425.64 -1.79 (-0.07%)
- Nasdaq: 6,193.30 +16.91 (0.27%)
- 10-year yield: 2.361%, -0.010
- Morgan Stanley changed its tune on Snap. The lead underwriter for the IPO cut its price target and said in a note, "We have been wrong about SNAP's ability to innovate and improve its ad product this year ..."
- Blue Apron received its first Wall Street analyst rating: $2 a share. The stock opened at $10 at its IPO. Chuck Cerankosky of Northcoast Research said sales growth at Blue Apron is dependent on discounts and isn't sustainable.
- Senate Majority Leader Mitch McConnell said he will delay the start of the typically month-long August recess by two weeks to try to finish work on the GOP healthcare bill and other legislative items. The Better Care Reconciliation Act has stalled as members from the conservative and moderate wings of the GOP are unable to agree on key elements.
- PepsiCo beat on quarterly earnings. The company was helped by higher pricing of its sodas and snack foods sold in North America and the sale of its minority stake in British bottler Britvic Plc.
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