STOCKS SLIP LOWER: Here’s what you need to know

Former England captain David Beckham slips

Stocks slipped on Tuesday as uncertainty mounted ahead of upcoming testimony from former FBI director James Comey.

All three major indices fell more than 0.2%, declining further from record highs reached on Friday.

First up, the scoreboard:

Dow: 21,136.40, -47.64, (-0.22%)
S&P 500: 2,428.71, -7.20 (-0.30%)
Nasdaq: 6,274.76, -20.95 (-0.33%)
US 10-year yield: 2.15%, -0.04
WTI crude: $48.29, +0.89, (+1.9%)

1. Wall Street has been dead wrong on one of its biggest calls of the year. The consensus was that Treasury yields would rise in 2017 as Donald Trump brought inflation back to the US. That hasn’t happened.

2. A crucial stock market signal just got its most bullish reading of the year. Options traders are the most unhedged on the S&P 500 since December, showing that they’re not particularly worried about protecting gains, even with major indices sitting near record highs.

3. Hedge funds are loading up on bets against one of the Trump trade’s biggest winners: Small caps. Hedge funds and large speculators hold the biggest net short position in six years on the Russell 2000.

4. Billionaire Mark Cuban said bitcoin is a ‘bubble.’ He unleashed a tweetstorm on the heels of bitcoin’s latest record high, near $2,900 a coin.

5. Macy’s plunges to a 6-year low after warning that its profit margins are shrinking. The department store chain is feeling the effects of the so-called retail apocalypse, which is resulting in store closures all over the country.

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