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The Nasdaq Composite closed below its 50-day moving average for the first time in 2 1/2 months, but chart watchers may be reluctant to declare a breakdown of the short-term uptrend. The index fell 1.4% to 6,144.35, while the 50-day MA, which many use as a guide to the short-term trend, came in at 6,149.36. The last time the Nasdaq closed below the 50-day MA was April 13, but it closed right back above it the next session, and kept trending higher until the recent record peak of 6,321.77 on June 8. The time before that, the index closed below the 50-day MA for just two days–Dec. 1 and Dec. 2, 2016–before rallying back above it. Meanwhile, the S&P 500 dipped briefly below the 50-day MA before closing 0.5% above it, while the Dow Jones Industrial Average closed about 200 points above its 50-day MA.

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WASHINGTON (MarketWatch) President Trump plans to meet with Russian President Vladimir Putin next week at a gather of world leaders in Germany in what would be their first get-together since the Trump took office. The White House on Thursday confirmed Trump and Putin would meet face to face, though no agenda has been set. Russian media had previously reported that the two had agreed to meet at the G-20 summit in Hamburg, Germany. Trump has been dogged by an investigation into whether his campaign colluded with the Russians during the 2016 election. The president denies any collusion and no evidence has been found.

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From:: Stock Market News

WASHINGTON (MarketWatch) — President Trump plans to meet with Russian President Vladimir Putin next week at a gather of world leaders in Germany in what would be their first get-together since the Trump took office. The White House on Thursday confirmed Trump and Putin would meet face to face, though no agenda has been set. Russian media had previously reported that the two had agreed to meet at the G-20 summit in Hamburg, Germany. Trump has been dogged by an investigation into whether his campaign colluded with the Russians during the 2016 election. The president denies any collusion and no evidence has been found.

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From:: Stock Market News

If the debt limit remains unchanged, the Congressional Budget Office on Thursday projected that the Treasury will likely run out of cash in early to mid-October. That would lead to delays of payments for the government’s programs and activities, a default on its debt obligations, or both, the CBO found.

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From:: Stock Market News

The Treasury Department said it’s taking new steps to increase economic pressure on North Korea. Treasury’s Financial Crimes Enforcement Network announced a finding that Bank of Dandong, a Chinese bank that allegedly acts as a conduit for illicit North Korean financial activity, is a foreign bank of primary money laundering concern, and FinCEN has proposed to sever the bank from the U.S. financial system. In addition, Treasury’s Office of Foreign Assets Control designated two Chinese individuals and one Chinese company in response to North Korea’s ongoing WMD development and continued violations of UN Security Council resolutions. The step comes ahead of President Trump’s visit with South Korean President Moon Jae-in.

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The Academy of Motion Picture Arts and Sciences on Wednesday invited its largest class of new members in a continued push to age down the academy pool while also achieving a more diverse representation. The academy opened the gates to 774 Hollywood professionals, including names such as Dwayne Johnson, Gal Gadot, Kristen Stewart, Elle Fanning, Jordan Peele and academy award winner Barry Jenkins. That number tops last year’s record class of 683 invitees, which had dwarfed the size of the class from the previous year. If everyone in this year’s class accept their invitation, the academy’s membership will increase to 8,427, which some in the industry, according to the Los Angeles Times, fear might be cumbersome and devalue its exclusivity. Following two straight years of public outcry surrounding the lack of diverse representation at the Oscars and in the industry at large, the academy vowed to double the number of women and minority members. The 2017 class has 298 women, upping representation from 27% to 28%, and 232 people of color, which brings their representation to 13% from 11%. In 2012 the LA Times reported that the academy Oscar voters were 94% white and 77% male, shifting only a few percentage points in the last couple of years.

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From:: Stock Market News