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Why are stocks falling again? President Donald Trump says it's because Democrats are gearing up to use their impending control of the House of Representatives to investigate him. As always, when it comes to the markets, the real answer is complicated.The Dow fell by more than 600 points on Monday, dragged down by investors' concerns about the tech sector and the rising dollar. The Nasdaq fell 2% and the broader S&P 500 fell 1.2%.Apple (AAPL) fell 5% after supplier Lumentum cut its earnings and sales forecast because of weak demand, and JPMorgan cut its target price on Apple's stock. That weighed on other technology stocks, including Amazon (AMZN) and Tesla (TSLA) -- down 4% -- as well as Facebook, which fell 3%. Google (GOOGL), Netflix (NFLX) and Microsoft (MSFT) were all down more than 2%.The strong dollar also weighed on stocks. The US currency surged to a 16-month high because investors fear the European economy could stall if no Brexit deal is reached this week. Prospects of another rate hike from the Fed next month have also helped lift the dollar. The rising dollar is a signal of a strong economy, but it hurts sales and profits for American companies that do business overseas.Though Trump blamed Democrats for the drop, the Dow had actually bounced back since the midterms, rising last week in its best showing since March. Wall Street tends to like stagnation in Washington, so investors are actually just fine with Democrats taking the House.As for what Trump termed the "prospect of presidential harassment," there is not much evidence the stock market will bat an eye if Democratic leaders in the House begin investigations into the Trump administration. Stocks rose before, during and after President Bill Clinton's impeachment. 1800
Wings and wagers? Buffalo Wild Wings thinks they're a natural fit.The sports bar chain, which has about 1,200 restaurants in all 50 states, said it is exploring the possibility of offering sports wagering now that the Supreme Court has opened the door for states to legalize sports betting."As the largest sports bar in America, we believe Buffalo Wild Wings is uniquely positioned to leverage sports gaming to enhance the restaurant experience for our guests," a company spokesperson said Thursday. "We are actively exploring opportunities, including potential partners, as we evaluate the next steps for our brand."Three states -- New Jersey, Delaware and Louisiana -- have legalized sports gambling since the Supreme Court decision in May. Before the ruling, Nevada was the only state where it was legal to bet on sports.Many other states are considering legislation that will allow for sports betting in the hopes of cashing in on what could be a multibillion-dollar industry."We're still waiting for state legislatures and regulators to hash out licensing rules, so it's unclear how they'll [Buffalo Wild Wings] have opportunity to participate," said John Decree, head of North America equity for Union Gaming, a boutique investment bank that focuses on the gaming industry.Current there are 43 states with some type of legal casino. But even states without casinos could move to allow sports gambling.Decree said that he thinks it's likely that Buffalo Wild Wings will partner with an established casino or other sports betting entity, rather than try to get licenses on its own as states move to allow sports wagering."It'll be hard for them to try to get licensed in every state that allows it. There's a lot of legal costs and time involved," he said.Much of the coming boom in sports gaming is expected to take place online, especially on mobile apps, meaning that many customers watching games at a Buffalo Wild Wings will be able to place bets at a variety of sports books in their states.Decree said it's likely that some states that allow online wagering will require people to put money on their account in person and using cash, rather than using a credit card.In that case, Buffalo Wild Wings could reach an agreement with some sports books that would allow people to put money on their account in one of their restaurants."That alone can generate a lot of foot traffic," he said.Buffalo Wild Wings was purchased for .9 billion earlier this year by privately-held Arby's. 2533
With no new stimulus bill, many Americans are approaching a financial cliff. Their unemployment benef
Willie Nelson's 35th annual benefit concert Farm Aid is going virtual this year.Musicians John Mellencamp, Neil Young, Dave Matthews, and others will come together on Sept. 26 at 8 p.m. ET to help raise money for farmers who face challenges amid the coronavirus pandemic.“This pandemic and so many other challenges have revealed how essential family farmers and ranchers are to the future of our planet,” said Farm Aid President and founder Willie Nelson in a press release. “Farm Aid 2020 is going to give the whole country a chance to learn about the important work of farmers and how they’re contributing to our well-being, beyond bringing us good food.”The three-hour event will be live-streamed on Farm Aid’s YouTube channel, AXS TV, and Fans.com.You can find the full line-up here. 796
White House counsel Don McGahn's 30 hours of conversations with special counsel Robert Mueller's team has unnerved President Donald Trump, who didn't know the full extent of McGahn's discussions, two people familiar with his thinking said.The meetings only add complications to the already-fraught relationship between the President and the White House's top lawyer. And as nervous aides await a verdict in former Trump campaign chairman Paul Manafort's trial and watch with trepidation the inauspicious public relations blitz carried by lead attorney Rudy Giuliani, uncertainty surrounding the President's handling of the Russia investigation abounds.Trump was spending another weekend at his New Jersey golf club when The New York Times first reported McGahn's cooperation with Mueller's office, which is investigating Russian attempts to interfere in the 2016 election. 880