STOCKS SLIP: Here's what you need to know
Jonathan Ernst/Reuters
US stocks fell on Monday in the first full trading session since the House of Representatives pulled the American Health Care Act on Friday. The Dow Jones Industrial Average entered its longest losing streak since 2011, closing lower for an eighth straight session.
Here's the scoreboard:
- Dow: 20,555.97, -40.75, (-0.20%)
- S&P 500: 2,342.58, -1.40, (-0.06%)
- Nasdaq: 5,843.76, +15.02, (0.26%)
- US 10-year yield: 2.373%, -0.027
- Some health care stocks gained following the House's failure to repeal and replace Obamacare. The Congressional Budget Office had estimated that "Trumpcare" would have left about 24 million more people uninsured by 2026 compared to current law, meaning fewer people using the health care providers' services.
- Sell-side analysts at banks that worked as Snap's IPO underwriters are also bullish on the company. Morgan Stanley, Goldman, JP Morgan, and several others initiated coverage on Monday with bullish ratings following a mandatory quiet period. The stock gained 5% and returned above its opening price of $24 a share.
- The second big enterprise tech IPO of the year, Okta, has priced the 11 million shares it plans to soon sell on the public market at $13-$15 per share. If the offering ends up at the midpoint of that range, the company will raise nearly $160 million and be valued at about $2 billion.
- Elevate Credit, an online lender that focuses on riskier borrowers, is headed for an initial public offering. The company is offering 7.7 million shares at $12 to $14 each, it said in an updated filing on Monday.
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