- Reuters/Phil Noble
Stocks were little changed on Wednesday as investors shrugged off President Donald Trump’s firing of FBI Director James Comey.
All three major indices moved less than 0.2% as stocks stayed mired in a tight trading range. The S&P 500 nudged higher, sitting just below a record reached on Friday, while the Nasdaq Composite climbed slightly from the all-time high it hit on Tuesday.
First up, the scoreboard:
Dow: 20,943.11, -32.67, (-0.16%) S&P 500: 2,399.63, +2.71 (+0.11%) Nasdaq: 6,129.14, +8.56 (+0.14%) US 10-year yield: 2.414%, +0.0164 WTI crude: $47.35, +1.47, (3.2%)
1. With Snap’s first earnings report coming, Facebook and Twitter provide a cautionary tale. Both of those social media companies missed Wall Street expectations by a wide margin on the first go-around.
2. Millennial investors are having a big payday as a popular tech stock soars. Nvidia soared 13% after its first-quarter earnings results released Tuesday beat analysts’ expectations.
3. There’s one big trading company that’s loving all this uncertainty. CBOE Holdings, the world’s largest provider of volatility instruments, beat first-quarter earnings forecasts largely because of heavy VIX trading.
4. The Korean won ticks up after President Moon Jae-in is sworn in. Moon’s victory could lead to a shift in the Pacific Rim’s dynamics. He previously stated he supports dialogue with North Korea.
5. Comey’s firing is a ‘perfect example’ of what Wall Street fears most about Trump. It shows he’s unpredictable, which was a fear before the election.
6. One of Wall Street’s biggest Tesla bulls swings back at criticisms. Evercore doubled down on its bullish stance on the company, laying out six key points.