There was no economic data released today. The action in the stock markets was quiet. But interest rates hit a milestone.
First, the scoreboard:
- Dow: 16,478.4 (-1.4, -0.0%)
- S&P 500: 1,841.4 (-0.6, -0.0%)
- Nasdaq: 4,156.5 (-10.5, -0.2%)
And now the top stories:
- Shares of social media behemoth Twitter fell 13% today after an extraordinary two-month run. This came after Macquarie analyst Ben Schachter downgraded the stock. "When we launched on TWTR 15 days ago, we laid out pros and cons and stated that TWTR was worth $46/share," said Schachter. "Since that time, on the back of virtually no new news, the stock has risen in value 40% (vs. 2% for the S&P 500). Since the IPO open on 11/7, TWTR shares are up 62% (vs. a 4% gain for the S&P 500). We continue to believe that Twitter as a company has a bright future and many opportunities ahead. However, as a stock, we believe nothing has changed over the last 15 days to justify the rise in valuation." Schachter lowered his rating on the stock to Underperform, from Neutral. His price target continues to be $46. It closed at $63.75 today.
- The 10-year Treasury note yield broke through 3% for the first time in three months. And it got as high as 3.02%, the highest level since July 2011. This comes as the Federal Reserve takes initial baby steps towards unwinding its loose monetary policy.
- Turmoil continues in Turkey, where Prime Minister Erodgan's government is embroiled in a corruption scandal. The Turkish lira and the country's stock market continue to tumble. "These market disruptions stand in stark contrast to the calm with which other markets have been looking at events in Turkey – a rational and appropriate response given expectations that Mr. Erdogan will be able to resolves things,"wrote PIMCO's Mohamed El-Erian. "In order to avoid a messy and far-from-certain political transition that would unsettle more than just the Turkish markets, Mr. Erdogan needs to quickly regain the domestic political narrative."
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