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Daily Scan: Stocks slip as Yahoo disapoints; Paul Ryan pressured to run for speaker

By NexChange
Capital Markets


Updated throughout the day

October 20

Good evening. Stocks closed lower Tuesday, after opening with a drop. The Dow fell 0.1%, as did the S&P 500, and the Nasdaq fell 0.5%. The Stoxx 600 was down 0.4%. Will housing be a scene-stealer during earnings week? On Monday, the National Association of Home Builders reported its index touched a 10-year high. Even so, stocks could hardly muster enthusiasm as poor growth figures in China and weak energy prices made investors uneasy.  Fed Chair Janet Yellen spoke Tuesday morning at a ceremony honoring the first woman head of the Bureau of Labor Statistics, emphasizing the importance of accurate economic data. She did not comment on the current economic condition.

Here’s what else you need to know:

Paul Ryan is feeling the peer pressure. House Republicans are meeting with the Wisconsin representative to discuss whether he will run for speaker. The GOP has been at a standstill since House majority leader Kevin McCarthy withdrew his name from the race to replace John Boehner two weeks ago. Boehner plans to resign at the end of the month, but says he will stay until a successor is named. New York Times

Register your drones! U.S. Transportation Secretary Anthony Foxx says that a taskforce is looking into the creation of a drone registry, to create more accountability for the unmanned aircrafts. The agency fears that the number of drones will skyrocket as Christmas presents this year. BBC

Yahoo's revenue drops. The company reported an 8.4% fall in adjusted quarterly revenue. The net profit was 8 cents per share, compared to $6.70 per share a year ago. Reuters

Jim Webb drops out of Democratic race. The former Virginia senator is leaving the Democratic presidential race, but says he is considering running as an independent. Politico

Russian air strike kills Syrian rebel leader. The strikes were a third attack by Russian war planes against the First Coastal Division Group, and in support of President Bashar al-Assad. A rebel commander, four other fighters, and at least 15 civilians were killed. The Syrian Observatory for Human Rights says the death toll is closer to 45 rebels and civilians. Reuters

Housing starts in sixth straight month surpass one million. The September numbers were better than expected at 1.21 million vs 1.147 million, and were led by demand for rental units. Multi-family surged 18.3% to 466,000 units. That number is often volatile, but the overall trend points to a well-grounded recovery in housing.  CNBC

Apple Music has 15 million users. Of that, 6.5 million are paying subscribers to the streaming service, and the other 8.5 million are on three-month trials. Apple Music launched June 30, and costs $9.99/month or $14.99/month for families. Wall Street Journal

BNY Mellon beats estimates, but hold the champagne.

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