STOCKS SLIDE: Here's what you need to know
All major indices trickled downwards over the course of the day, before staging a comeback late in the afternoon.
Ultimately, however, they didn't break out of the red.
Notably, this was the 18th day in a row that the S&P 500 moved less than 1% in either direction.
Let's head to the scoreboard:
- Dow: 18,507.54 (-35.99, -0.19%)
- S&P 500: 2,179.15 (-3.72, -0.17%)
- Nasdaq: 5,208.09 (-13.09, -0.25%)
- WTI Crude oil: $42.84 (+1.04, +2.49%)
- 10-year Treasury yield: 1.587 (+0.005, +0.30%)
1. Oil shot up amid reports that OPEC is considering a production freeze. WTI crude, the US benchmark, was up by as much as 3.8% to $43.37 a barrel in the early afternoon.
2. The Russian ruble surged on the heels of higher oil prices. The currency was up by as much as 1.4% at 64.6291 in the afternoon.
3. Warren Buffett paid $195 million to get rid of some of his "financial weapons of mass destruction." According to a filing with the US Securities and Exchange Commission, Buffett paid the aforementioned sum to end Berkshire Hathaway's contracts on derivatives protecting against the default of some bonds.
4. Copper is flashing a warning sign for China's economy. "Recent movements in copper inventories highlight the lack of significant demand for the metal, particularly in the ever important Chinese market," analysts at BMI Research wrote in a note.
5. Deutsche Bank got fined for literally broadcasting potentially confidential information over loudspeakers. Finra fined the bank $12.5 million after finding that the German bank was aware that broadcasts, known as "hoots" or "squawks," contained potentially confidential or price-sensitive information but "repeatedly ignored red flags" suggesting it wasn't adequately supervising the loudspeaker systems.
6. A $9 billion hedge fund says there's one big problem with Netflix. Voracious consumers are watching Netflix's content more quickly than the online streaming service can replenish it, Crispin Odey, one of London's biggest hedge fund managers, said during his hedge fund's second-quarter phone call, a 53-minute recording that was obtained by Business Insider.
7. Bankrupt teen retailer Aeropostale is thinking of selling to a private equity firm. Versa Capital Management LLC, which specializes in distressed investments, would pay an undisclosed amount of cash for Aeropostale's inventory and take on over 500 of the chain's leases, located mostly in malls across the United States.
ADDITIONALLY:
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