Good evening,
U.S. stocks were down Friday, ending the week of big earnings calls. The Dow fell 0.9% Friday, and the S&P 500 and Nasdaq dipped 1.1%. …Biotech company Biogen disappointed with its earnings, driving its stock down 22% Friday. …Gold fell more Friday, and silver was close behind hitting close to a six year low. …U.S. oil production is growing, driving oil prices down further. Prices were down 6% this week.
Chicago pension changes unconstitutional. A judge overturned Chicago’s changes to its two pension funds Friday as “unconstitutional and void.” Judge Rita Novak said there was no way that the city’s unions had agreed to the changes under legitimate circumstances. Sorry Windy City, back to the drawing board. Chicago Tribune
Hillary Clinton wants capital gains tax increase. During a speech at NYU, Clinton proposed a capital gains tax hike to fight short-term investing. Clinton says more attention needs to be on long term growth. Top earners currently pay 39.6% in taxes on investments held less than a year, and 24% on those held for longer. Clinton wants the 39.6% rate to stay throughout the second year, and then fall over six years. Time
Turkey starts ISIS attack. Turkey is finally on board the ISIS fight, sending warplanes to attack ISIS targets in Syria for the first time Friday. Turkey also staged police raids across the country to detain suspected militants. The U.S. has been pushing Turkey to help fight ISIS, but the country has said that it had other priorities. Reuters
U.S. prepares release of Isreali spy. The U.S. is edging towards the release of Jonathan Pollard who has been in prison since 1985 for spying for Israel. Israel has been pushing for Pollard’s release for years, and the U.S. has finally agreed to release him, in hopes that it will smooth over the Israeli-American relationship as Congress debates the Iran deal. Wall Street Journal
Louisiana killer had violent past. John Russell Houser, the gunman that killed two people and wounded nine in a Louisiana movie theater Thursday night, was previously arrested for arson and domestic violence, and wrote anti-government and anti-media blog posts. The former bar-owner was most recently a drifter, estranged from his family. Authorities are still trying to determine Houser’s motive for the shooting, and subsequent suicide. CNN
The Tour de France ends Saturday. Be sure to check out who declares victory.
Next week is the last of the month. Consumer confidence report will be out Tuesday. The FOMC meeting announcement is Wednesday. GDP and jobless claims are out Thursday.
Photo: Daniel X. O'Neil