Opening Bell, August 7, 2018

Reuters / Fabian Bimmer

Here is what you need to know.

President Donald Trump
heralded the return of US sanctions on Iran on
Tuesday. As of midnight, the US reimposed measures
that cut access to US banking and hit precious-metal sales, the
auto industry, and insurance of sovereign debt.

YouTube followed Apple’s
lead and removed the Alex Jones and Infowars channels from its
platform. Jones has seen his videos, web pages, and
podcasts removed from Facebook, Spotify, and iTunes in addition
to the Google-owned video site.

Rick Gates testified that
he committed crimes with Paul Manafort and embezzled money from
him. Gates testified that he knowingly violated
federal tax law by not properly disclosing 15 foreign bank
accounts owned by him and Manafort.

Zillow cratered 19% after
revenue guidance missed expectations. The online
real-estate database said it saw third-quarter revenue coming in
between $337 million and $347 million. Analysts had estimated
$408.4 million, according to Bloomberg.

Warren Buffett is sitting
on a record-breaking amount of cash — and it should have
investors very worried. The Berkshire Hathaway CEO
had $111 billion of cash on his firm’s balance sheet at the end
of last quarter, and his lack of spending activity suggests he
thinks the market is broadly overvalued.

A $300 billion asset
manager says investors are overlooking a huge threat that’s
building right in front of their eyes. He’s worried
about the historically large debt burdens being held by both
governments and corporations.

The British pound dropped
against the dollar. The fall came after the Bank of
England’s governor, Mark Carney, said there was an “uncomfortably
high” chance that Britain would leave the European Union without
a deal.

Stock markets around the world
trade mixed. Japan’s Nikkei index (+0.7%) climbed in
Asia, and Germany’s DAX (+0.88%) leads Europe higher. The S&P
500 is set to open up 0.2% near 2,856.

Earnings reporting
continues. Snap and Disney are among the names
reporting after the closing bell.

US economic data keeps coming
out. Jolts job openings are out at 10 a.m. ET. The
US 10-year yield is down 2 basis point at 2.94%.