STOCKS RISE: Here's what you need to know
The Dow and the S&P 500 finished up, while the Nasdaq was little changed.
First up, the scoreboard:
- Dow: 21,615.05, +101.88, (+0.47%)
- S&P 500: 2,477.99, +7.22, (+0.30%)
- Nasdaq: 6,412.00, +1.27, (+0.02%)
- US 10-year yield: 2.325%, +0.072
- WTI crude: $47.89, +1.55, +3.34%
1. The Senate voted to open debate on the Republican healthcare overhaul. A procedural vote to begin debate on the House's healthcare bill passed Tuesday by a narrow count of 50-50, with Vice President Mike Pence serving as the tiebreaker vote.
2. McDonald's beats on second-quarter earnings after slashing prices on soda and coffee. McDonald's shares rose by as much as 3% to a record intraday high. They gained 25% this year through the market close on Monday.
3. A legendary fund manager is piling into a market he says Wall Street is ignoring. There's a fortune to be made buying closed-end funds (CEFs). That was the message delivered in a recent interview by famed credit trader Boaz Weinstein, whose $1.7 billion firm Saba Capital is best known for its winning bet against the JPMorgan trader known as the "London Whale."
4. It's about to get a lot easier to bet against Snap. That's because the company's post-initial-public-offering stock lockup is set to expire Saturday, allowing insider shareholders to sell the stock for the first time. While borrowing fees of 50% to 60% have made shorting Snap prohibitively expensive to most investors, that cost will shrink to about 5%, according to S3 Partners.
5. Michael Kors is buying Jimmy Choo for $1.2 billion. Jimmy Choo put itself up for sale in April after its majority owner, JAB, signaled its intention to focus on consumer goods.
6. A $13 billion hedge fund is sounding the alarm on one of the biggest trends in investing: quants and passive investing. Highfields Capital Management flagged concerns this week about computer-driven trading in its second-quarter letter to investors, a copy of which was reviewed by Business Insider.
7. Snap shares slid before $14 for the first time on Tuesday. After a brief pop following the initial public offering, Snap shares have been on a fairly steady downward trend, and are now 19% below their IPO of $17..
ADDITIONALLY:
BANK OF AMERICA: The US dollar is overvalued, and there are "substantial risks" from here.
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GOLDMAN SACHS: Bitcoin may need "another few swings" before making a run at record highs.
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