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 Stocks fell once again in trading following weak earnings news and political concerns. Many market analysts were calling for the end of the Trump trade as investors digested new trade and immigration policies from the White House. Additionally, many major companies reported weaker than expected earnings and guidance, adding to the dour mood on Wall Street. The Dow Jones Industrial average and S&P 500 ended the day in the red, while the Nasdaq barely scraped into positive territory. We've got all the major headlines, but first, the scoreboard: - Dow: 19,864.09, -107.04 (-0.54%)
- S&P 500: 2,278.87, -2.03 (-0.09%)
- Nasdaq: 5,614.79, +1.07 (+0.02%)
- UST 10-year bond yield: 2.451% (-3.2 bps)
- Trump's top trade adviser went after Germany for its currency policies. Peter Navarro said that Germany was using the "grossly undervalued" euro an an advantage over the rest of the EU and the US. German Chancellor Angela Merkel responded that Germany has no influence on the European Central Bank, and thus the strength of the euro.
- The Federal Reserve's Federal Open Markets Committee kicked off its two-day monetary policy meeting. The Fed is widely expected to keep interest rates on hold when it announces its decision on Wednesday. Check out the preview from Business Insider's Pedro da Costa.
- Aetna's CEO said the insurer may dump all of its Affordable Care Act plans. After reporting slightly better-than-expected earnings, Aetna CEO Mark Bertolini told analysts that the company will likely not remain in the ACA's, better known as Obamacare, exchanges in 2018. The company lost $450 million on its ACA business in 2016.
- Under Armour whiffed on earnings and the stock crashed. The sports apparel company missed on both earnings per share and revenue for the fourth quarter and slashed its 2017 profit outlook. Shares of the company fell by just over 25%.
- Democrats on the Senate Finance Committee delayed a vote on Trump's Treasury Secretary Steven Mnuchin and Health and Human Services Tom Price nominations. The move prevented the two cabinet picks from moving on from committee and to a general Senate vote. Democrats said they wanted more information on the business dealings of the nominees.
- Apple beats, but lowers guidance. Apple beat on the top and bottom lines as sales of iPhone sales grew for the first time in a year.
ADDITIONALLY: UPS fails to deliver on earnings Chicago PMI missed Warren Buffett has been loading up on stocks since the election A whole lot of people are shorting Tesla Trumpenomics according to Peter Navarro according to Business Insider's Linette Lopez SEE ALSO: The weird way Susan Buffett found out her dad was rich |
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