Stock market news today August 28

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Morgan Stanley is urging its super-rich clients to pull
out of one of the market’s hottest corners, and it’s a warning
shot to the US economy

The consumer-discretionary sector is the stock market’s best
performer of the last decade —
but now it’s time to consider taking profits, says Morgan Stanley
Wealth Management.

The sector’s chart-topping performance on the S&P 500 is just
one reason for the recommendation offered by Lisa Shalett, the
head of investment and portfolio strategies, in a note on Monday.

Companies in the sector range from automakers to apparel makers
and casinos, which make goods and services that consumers splurge
on. Consumer spending contributes to more than two-thirds of the
economy’s growth.

And so, Shalett’s sector call further makes the case that the
backbone of the $20 trillion-plus US economy could be headed for
a slowdown.

A $1.5 billion investment firm is taking a fresh approach
to launching a crypto index

A $1.5 billion money manager is looking to
unleash the crypto markets onto pension funds and endowments with
a new kind of index aimed at institutional investors.

Morgan Creek, the investment firm led by Mark Yusko, on Tuesday
announced an index called the Morgan Creek Bitwise
Digital Asset Index in partnership with the
California startup Bitwise Asset Management.

Crypto indexes have been popping up at a fast clip this year as
crypto firms eye big institutional pockets. Elsewhere in the
market, Bloomberg partnered with Mike Novogratz’s Galaxy Digital
on an index. Coinbase also announced
the launch of a fund to allow investors to
put money into a basket or index of four of the largest
cryptocurrencies.

Google responds to Trump’s claim that the company is
‘suppressing the voices of conservatives and hiding
information’

Google has responded to two tweets President
Donald Trump sent early Tuesday accusing the
company of intentionally “silencing the
voices of conservatives and hiding information and news that is
good” with its search results.

“Search is not used to set a political agenda, and we don’t bias
our results toward any political ideology,”
Google told Business Insider in a statement, adding that it
prioritized relevancy and quality.

Trump, appearing to cite a figure from an
unscientific study carried out by a conservative opinion
blog, claimed that 96% of Google’s search results of his name
were “from National Left-Wing Media,” calling it a “very serious
situation” that “will be addressed.” He did not explain how the
government might act on the issue.

In markets news