First the scoreboard:
Dow: 13,583, -26.5, -0.1 percent
S&P 500: 1,455, -5.0, -0.3 percent
NASDAQ: 3,112, -23.8, -0.7 percent
And now the top stories:
- Last night, a CBS 60 Minutes story on two of China's largest tech companies brought attention to a new report filed by the House Intelligence Committee. "China has the means, opportunity, and motive to use telecommunications companies for malicious purposes," the report says. The report specifically urges U.S. regulators to block any dealings with China's Huawei Technologies and ZTE Corp. Huawei fired back saying that the report was based on rumors.
- California's gas price crisis continues to get worse with prices establishing new all-time highs. The pain at the pump is pinching California's poorest the most. But with the price increases decelerating, analysts think that the worst may be over.
- Two big tech names moved today. Netflix surged 11 percent after Morgan Stanley's Scott Devitt upgraded the stock. "Our upgrade is based on our view that Amazon.com is not a direct threat to Netflix’s US business," wrote Devitt who has an $85 price target on the stock.
- Apple was a notable loser today falling 2 percent and taking the Nasdaq and S&P 500 down with it. The stock sold off on no obvious bad news. However, chart-watchers like Bespoke Investment Group noted that the stock fell below its 50-day moving average, which could mean the stock has further to fall.
- Things should get much more interesting tomorrow afternoon as aluminum giant Alcoa kicks off Q3 earnings season. Analysts expect it to be the ugliest earnings season since the crisis with profit growth turning negative.
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