Technology and transport stocks dragged the S&P500 and Nasdaq back from record highs. US markets - Dow added +86-points or +0.39% to a fresh record closing high, however the broader S&P500 slipped -0.10%. The technology-centric NASDAQ retreated from record highs, down -0.63% (off earlier lows that saw the index tumble over >1.5%). Amazon - the last of the "FANG" stocks (i.e. Facebook, Amazon, Netflix and Google) to post second-quarter earnings - fell ~2.7% in after hours trading despite extending their 20-year streak of double-digit revenue growth (up +25% versus consensus +22%) when releasing their result after the close. Intel (up +0.63) also reported after the closing bell, with robust earnings and outlook commentary. In Washington, uncertainty about what tax US reform might look like grew after House speaker Paul Ryan said in a statement that a border adjustment tax is now off the table.
