1) Facebook took a historic plunge with a $119 billion overnight loss. While company has outstanding profits, their cost for security enhancements dragged profits down. Additionally, the cost for national ads further added cost. Facebook is plagued with charges of bias, censorship of political content and fake news.
2) Boeing steps in to rescue the Ukrainian airplane builder Antonov who produces the world’s largest airplane, the An-225. Production stopped with Russia’s 2014 invasion of the Crimea. Antonov will operate as a subsidiary of Boeing, by building 8 aircraft per year.
3) The GDP for last quarter, Q2 was 4.1% as compared to 2.2% for Q1. There is debate if this growth is sustainable, with tariffs being the wildcard. But so far, there is still no real wage growth.
4) Many millennials are still having a tough time getting by despite the upturn of the economy. More millennials are still living with their parents and in debt.
27 JUL 18 stock market closing:
Dow 25,451.06 down 76.01
Nasdaq 7,737.42 down 114.77
S&P 500 2,818.82 down 18.62
Oil down at $69.04