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U.S. stocks were up slightly Wednesday, with the S&P 500 up 0.32% and the Nasdaq up 0.67%. The Dow dropped 0.06%. Analysts at Bank of America Merrill Lynch added another slap in the face for the tech company, downgrading the stock to “neutral” from “buy.” But Apple closed up 0.76% Wednesday. Oil fell to its lowest point since March 19, hitting $45.15 a barrel. Oil dropped as low as $45 during the day. Etsy fell more than 28% Wednesday as shareholders ran from the stock. Twitter had a rough day too, closing down 2.86%. And then there were 10. Republican candidates for the New Hampshire debates on Thursday. Former Texas Governor Rick Perry didn’t make the cut but Governor John Kasich of Ohio did. And some guy named Trump. Priceline, Tesla, and Herbalife are among the companies reporting earnings Wednesday. Calendar here.
August 5
SEC approves CEO pay rule. The SEC approved a rule requiring companies to disclose the pay gap between CEOs and their employees. Companies will have to report their median employee salary in hopes of putting pressure on corporate boards to condense the gap. Wall Street Journal
Deutsche fires two trading execs. Deutsche Bank fired Ben Solomon, head of securitized products trading, and Ashish Jain, head of securitized products sales in the Americas, for lax supervision of junior employees who violated the bank’s policies. Junior traders Aaron Greenberg and Joe Reardon were fired more than a month ago for allegedly lying to clients about commercial mortgage bond prices. Wall Street Journal
JPMorgan gets $19 million to move to New Jersey. JPMorgan will move 2,150 jobs from Manhattan to Jersey City in exchange for a $19 million incentive from New Jersey. The bank has leased 400,000 square fee at 545 Washington Boulevard. Most of the jobs moving will be in technology and operations. Wall Street Journal
September looks mehhhh. Federal Reserve Governor Jerome Powell says he’s not decided on when to raise interest rates. Fed President Dennis Lockhart came out in support of a September rate rise Tuesday, but Powell says that while the labor market looks solid, inflation is still “well below” the Fed targets. CNBC
Jobs expectations fall short. ADP says private payrolls in the U.S. added 185,000 jobs in July, falling short of the expected 215,000. The official Bureau of Labor Statistics’ report is due out Friday. Wall Street Journal
Travelers CEO stepping down. Jay Fishman will leave his role as CEO of Travelers December 1, citing his health. Fishman was diagnosed with a neuromuscular condition last fall that has left him with limited mobility. Alan Schnitzer, CEO of Travelers’ business and international insurance, will succeed Fishman. Wall Street Journal
In China tech firms, that person sitting next to you might not be just any co-worker. Ministry of Public Security cyberspies will be sitting at desks to “prevent crimes such as fraud and ‘spreading of rumors.'” Wall Street Journal (paywall)
In case you missed it:
Plane wreckage is definitely from MH370. Malaysian Prime Minister Najib Razak confirmed that the wreckage found on Reunion Island last week is from the Malaysia Air flight 370. “We now have physical evidence that on 31 March last year, flight MH370 tragically ended in the south Indian Ocean,” he said. Mother Jones
Atlanta Fed president says rates could rise in September. Dennis Lockhart feels the economy is ready for a rate increase, and it would take a serious blow to economic data in the next few weeks to convince him to not vote for a rate rise in September. NexChange
SocGen says we’re all heading to a world of hurt. Societe Generale strategist Albert Edwards claims that western central banks have set us all up for an “even bigger version” of the 2007-2008 crisis, pointing out a combo of low rates and high fiscal deficits will eventually become the hand that’ll push us off the cliff. CNBC
You won’t believe this:
Man opened fire in Tennessee theater. A man wielding a gun, a hatchet, and pepper spray attacked moviegoers in a Tennessee theater Wednesday afternoon. No one was seriously injured, but the shooter was killed by police at the scene. CNN
Amazon Prime doesn’t like to share. Sorry roommate, brother, and random coworker, you can’t share your Amazon Prime account any more. Beginning this month, Prime is cutting down on friends and family sharing their Prime accounts. “Amazon Households” now only allows sharing an account with one other adult. On the upside, the sharing now extends beyond shipping to video, Kindle, and Prime early access. CNN Money
NetFlix is giving employees unlimited parental leave for one year. The forward-looking company already gives unlimited vacation and sick days. CNN Money
Photo: angelune des lauriers