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Stocks keep the party going with the S&P 500 hitting a record close for a fourth straight day. But can the good times last? Catch The Final Round at 4 p.m. ET with Alexis Christoforous and markets correspondent Nicole Sinclair.
Winners and losers
Stocks on the move lower include Summit Materials on the pricing of a secondary offering, Achillion Pharmaceuticals, as Chardan Capital Markets initiates coverage with a ‘sell rating’ and Wynn Resorts, with investors taking money off the table after JPMorgan cut its rating to neutral on the casino operator, claiming valuation was lofty at these levels and Macau profit would come down further.
Stocks swinging higher with the broader market today include Ag giant Monsanto as Bayer ups its bid for the company to $125 a share in cash, solar firm Sunworks as Amazon has signed contracts with the company to oversee solar projects in Nevada and Connecticut for the e-commerce giant and Cabelas. The outdoor sports retailer is spiking on a New York Post story that it is close to being sold to Goldman Sachs and Bass Pro Shops. The Post reported PE firms Apax Partners and TPG Capital have dropped out.
How robots paved the way for Donald Trump
Technology and automation, rather than globalization, have led to the displacement of thousands of manufacturing jobs, and this dynamic has transformed our political landscape to the advantage of Donald Trump. Yahoo Finance columnist Rick Newman makes the case.
Looking ahead
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In the morning we’ll get a read on inflation with CPI data for June. The core reading, minus food and energy, is expected to notch a 0.2% gain month over month.
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Later in the morning we’ll get data on the manufacturing sector in the US with industrial production data for June. The consensus reading is for a 0.4% gain in the month, a huge swing from the negative reading we saw in May.
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Finally, back to the consumer: at 10 a.m. Eastern we’ll get the University of Michigan’s preliminary consumer sentiment index for July. The Street’s expecting a 93.5 reading, which would be the exact level we saw in June.