The losses remained tempered by a batch of strong economic data that saw U.S. second-quarter GDP growth revised upward to 4.2%, while jobless claims slipped to 298,000. In Europe, stocks slipped over geopolitical concerns in the East. However, investors remain confident on news that the European Central Bank will likely increase stimulus efforts to refuel a number of stumbling economies.
Here's the scorecard from today's trading session:
Now, here are the top stories from the stock market today:
Big Announcement: Tech enthusiasts celebrated the news that Apple Inc. (Nasdaq: AAPL) has planned a special event on Sept. 9. Many expect this date will coincide with the company's debut of the iWatch and the iPhone 6. Shares of Apple were up roughly 0.12% on the day.
Earnings Slip: Shares of Williams-Sonoma Inc. (NYSE: WSM)slipped nearly 12% from its record high on news that the company missed expected per-share earnings and issued a warning on its 2014 profit outlook. Meanwhile, retailer Abercrombie & Fitch Co. (NYSE: ANF)slipped nearly 5% after the company announced an unexpected decline in same-store sales, despite beating earnings estimates. The company announced plans to remove its iconicfrom its clothing brand.
Merger Mania: Shares of CSR Plc. (Nasdaq ADR: CSRE) rose more than 35% this afternoon on news that the company rejected a steep takeover bid from Microchip Technology Inc. (Nasdaq: MCHP). According to reports, CSR's board of directors is now considering a number of strategic options for the company.
Data Breach: The S&P Financial Index slipped by 0.3% on news that the foreign hackers conducted a massive cyberattack that lost U.S. financial companies gigabytes of customer data in mid-August. Shares of JPMorgan Chase & Co. (NYSE: JPM) slipped nearly 1%, as it remains the most prominent victim of the breach. The bank is also working with the U.S. Federal Bureau of Investigation to determine whether it was the victim of another attack in recent days, although the company says it confronts multiple online attacks every day.
Saving Lives: The World Health Organization (WHO) announced the deadly Ebola virus is still spreading across Africa. Nearly 40% of all cases have emerged in the last three weeks. Shares of GlaxoSmithKline Plc. (NYSE ADR: GSK) were up 0.39% on news that the company's Ebola vaccine may enter human trials in September. Should the company's drug succeed, it will provide up to 10,000 doses to the WHO.
Now our experts share some of the most important investment moves to make based on today's market trading - for Money Morning Members only:
Why Investing in Solar Energy Is Attracting the Big Boys: What began as backup to more conventional grid-networked sources of power has quickly blossomed into a separate profit center in solar energy. And a blockbuster acquisition announced earlier this month is about to make investing in solar energy a lot more appealing - and profitable for those in the know...
The Clear Map to This "Hidden" Investment Treasure: As scientists reach the discovery limits of "one-size-fits-all" drugs and the ailments that respond to them, such as infections and circulatory diseases, they find themselves up against tougher, wilier, more intractable challenges... But these companies tackling the genetics field are poised for major profits...
The Apple-IBM Deal Has One Clear Winner: You: Apple Inc. vs. International Business Machines Corp. was one of the bitterest tech rivalries of the past 30 years. But now, the two are joining forces in a bold new pact. It's a good deal for both companies... And today Defense & Tech Specialist Michael A. Robinson reveals which stock will end up as the better buy - and make it a great deal for you...
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.