Dow ends up 200 points; Nasdaq falls 1.3% ahead of Microsoft earnings
U.S. stocks finished mostly lower on Tuesday. A selloff in some of the...
U.S. stocks finished mostly lower on Tuesday. A selloff in some of the mega-cap technology names dragged down the S&P 500 and the Nasdaq Composite ahead of Big Tech earnings and key central bank decisions.
According to FactSet data, the S&P 500 was off 27.10 points, or 0.5%, to end at 5,436.44 after back-to-back gains.
The Nasdaq Composite tumbled 222.78 points, or 1.3%, to finish at 17,147.42.
The Dow Jones Industrial Average rose 203.40 points, or 0.5%, ending at 40,743.33.
Investors awaited quarterly earnings reports from market heavyweights Microsoft Corp. and chip maker Advanced Micro Devices Inc., due after the closing bell. Shares of Microsoft and AMD were each off 0.9% on Tuesday, according to FactSet data.
The Park Fire continues to burn across Northern California, becoming the sixth-largest wildfire in the state's history and the largest active blaze in the US. As of this writing, the fire has burned 373,357 acres and is 14% contained. Authorities have confirmed that over 100 buildings have been destroyed, with no reported fatalities. See satellite images of the fire here.
The rapid spread of the fire, which was deliberately started last week, has been attributed to abundant dry vegetation and an exceptionally hot summer, with temperatures in the area averaging 12 degrees above normal. While slightly cooler temperatures this week have moderated the fire's intensity, temperatures are forecast to reach above 100 degrees by the end of this week.
Smoke is affecting air quality across multiple states and is expected to reach as far as the Dakotas and Nebraska. The state has seen 4,574 fires this year, burning 726,667 acres—a 2,744% increase from the same period last year.
Investment Firms Up Offer to Buy Martin Midstream to $175MM
Nut Tree Capital Management LP and Caspian...
Nut Tree Capital Management LP and Caspian Capital LP increased their offer to acquire Kilgore, Texas-based Martin Midstream Partners (MMLP) for $175 million, announced on July 29.
Nut Tree and Caspian’s proposal represents a 48% premium over the $3.05 per common unit offer made in May by Martin Resource Management (MRMC), or $100.3 million.
Nut Tree and Caspian’s latest proposal ups by $0.50 the firms’ initial $4 per unit offer made on July 11. That deal would have paid roughly $131 million cash for MMLP’s outstanding units.
SandRidge Energy Buys Western Anadarko Cherokee Assets for $144MM
Midcontinent E&P SandRidge Energy is getting...
Midcontinent E&P SandRidge Energy is getting deeper in the Western Anadarko Basin through M&A.
According to the Oklahoma City-based company, SandRidge signed an agreement to acquire producing assets and leasehold interests in the Cherokee play of the Western Anadarko for $144 million in cash, announced after markets closed on July 29. The seller wasn’t disclosed.
The company also entered into a joint development agreement regarding future development of certain acquired assets. SandRidge did not name the company it is partnering with.
FDA approves blood test for colon cancer screenings. The...
FDA approves blood test for colon cancer screenings. The test, made by Guardant Health and known as Shield, is expected to be available as soon as next week and offers a new way of detecting colon cancer, which is the second-highest cause of cancer deaths in the US. While a blood test sounds a lot more comfortable than a colonoscopy, it’s meant to add an option to the menu, not to replace colonoscopies entirely, especially since it can’t pick up precancerous growths. Still, doctors are hopeful that the availability of a less invasive method will help boost screening rates.
Novak Djokovic beat Rafael Nadal in the 60th, and possibly last, matchup of the two tennis greats.
Apple released a preview of its Apple Intelligence AI features.
A 17-year-old was arrested on suspicion of killing two children and wounding 11 people in a knife attack at a Taylor Swift-themed event at a dance school in the UK.
Donald Trump agreed to be interviewed by the FBI as part of the investigation into the assassination attempt against him.
Los Angeles was shaken by a 4.9 magnitude earthquake.
