Rackspace Rallies On Amazon Investment Rumors & Markets Close Mixed – Daily Financial News Summary For August 17, 2020

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Monday means we are back for another week in the markets. Seems a lot of folks are starting to take vacations, just from observations. If you’re taking a vacation, share the daily market wrap with your friends and colleagues, so you can enjoy your time off.

On to the numbers, the S&P rose 0.7%, but failed again to reach its elusive all-time high. The Nasdaq did hit its all-time high with a 1% gain to 11,129.73. Meanwhile, the Dow Jones missed the mark today, losing about 0.3% on Monday. The Stoxx Europe 600 Index grew 0.3%.

Rumors of Amazon acquiring a minority stake in the cloud company, Rackspace Technology, sent Rackspace on a ride to gain 10%. Amazon rose 1.1% on the rumors. Alphabet and Microsoft climbed 0.7%, while Apple closed the day down 0.26% and Facebook was just barely off with a 0.03% decline today.

As we look forward to the coming week, expect retailers to announce earnings, with Walmart and Home Depot on Tuesday, Target on Wednesday, and Alibaba expected on Thursday.

The euro rose 0.2% to $1.1868, and the Japanese yen grew 0.6% to 105.98 per dollar. The yield on 10-year Treasuries dropped two basis points to 0.69%.

In the world of commodities, West Texas Intermediate crude increased 1.9% to $42.82 a barrel, and Gold saw a 1.9% boost to $1,982.05 an ounce.

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