Friday, December 1, 2017
What to watch today
Progress on tax reform legislation helped propel the stock market to all-time highs on Thursday with the Dow Jones Industrial Average (^DJI) passing 24,000 for the first time. Though late in the day, the Senate delayed voting on the bill. So once again, all eyes will fall on Washington D.C. on Friday as legislators continue their efforts to push through reforms.
Later this morning, we’ll get the November ISM manufacturing report. The index continues to be near a 13-year high.
It’s also a busy day for Fed speakers. St. Louis Fed President James Bullard, Dallas Fed President Robert Kaplan, and Philly Fed President Patrick Harker all speak today. Investors and traders will listen carefully for any clues about the future path of monetary policy.
Uber investor accused of sexual misconduct by multiple women: Shervin Pishevar is an early backer of the ride-hailing company who was a board observer at the time. Multiple women who met Shervin Pishevar in a professional context told Bloomberg they were sexually assaulted or harassed by him. In each case, the women accused Pishevar of exploiting a professional connection, and using the prospect of a job, mentorship or investment to make an unwanted sexual advance. [Bloomberg]
Tudor will shutter discretionary macro fund in restructuring: Paul Tudor Jones is shaking up his hedge fund, which has been battered by investor withdrawals. Tudor Investment Corp. is closing its Discretionary Macro fund and letting investors shift assets to the main BVI fund as of Jan. 1, according to an investor letter seen by Bloomberg News. [Bloomberg]
US shipping vast amounts of a dirty oil byproduct worldwide: U.S. oil refineries that are unable to sell a dirty fuel waste product at home are exporting vast quantities of it to India instead. Petroleum coke, the bottom-of-the-barrel leftover from refining Canadian tar sands crude and other heavy oils, is cheaper and burns hotter than coal. But it also contains more planet-warming carbon and far more heart- and lung-damaging sulfur — a key reason few American companies use it. [AP]
Blue Apron co-founder steps down as CEO: Blue Apron (APRN) on Thursday replaced co-founder Matt Salzberg as chief executive with Chief Financial Officer Brad Dickerson in a reshuffle that follows a rocky few months at the meal-kit delivery company that went public in June. [Reuters]
Amazon is in exploratory talks with generic-drug makers: Amazon (AMZN) has held preliminary talks with makers of generic drugs about its potential entry into the pharmacy space, according to sources. The conversations, including with generics giants Mylan and Sandoz, a unit of Novartis, have been high-level, and the nature of Amazon’s plans isn’t yet clear. [CNBC]
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