Nasdaq enters correction, oil nears $87

The Nasdaq is off 10% after hitting 16,057.44

U.S. stocks fell across the board in another choppy session. 

The Dow Jones Industrial Average lost over 339 points or 0.96% and the S&P 500 slipped 0.97%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 43941.41 +71.06 +0.16%
SP500 S&P 500 5954.82 +6.11 +0.10%
I:COMP NASDAQ COMPOSITE INDEX 18971.594352 -0.83 -0.00%

While the Nasdaq Composite lost over 1% slipping into correction terrority, off 10% from its most recent record high. 

Nasdaq Composite Record High: 16,057.44 

Apple, Amazon and Google posted declines. 

Ticker Security Last Change Change %
AAPL APPLE INC. 228.52 -0.48 -0.21%
AMZN AMAZON.COM INC. 198.38 -4.50 -2.22%
GOOGL ALPHABET INC. 167.63 -8.35 -4.74%

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The 10-year Treasury hovered around 1.84% and oil closed at $86.96 per barrel, an eight-year-high. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND - USD ACC 73.20 +1.18 +1.64%

HARVARD ECONOMIST ON HOW LONG PRICES WILL CONTINUE TO SOAR

Financials are in focus with SoFi Technologies Inc. rising over 13% after the Office of the Comptroller of the Currency and the Federal Reserve approved its application to operate as a bank, and it expects to do so next month.

SOFI'S GAME CHANGER

Ticker Security Last Change Change %
SOFI SOFI TECHNOLOGIES 15.01 +0.34 +2.32%

In earnings news, Bank of America and Morgan Stanley rose after reporting better-than-expected results.  

Ticker Security Last Change Change %
BAC BANK OF AMERICA CORP. 46.46 +0.40 +0.87%
MS MORGAN STANLEY 134.99 +3.30 +2.51%

Dow member UnitedHealth Group posted strong fourth-quarter earnings led by double-digit growth in its Optum division. The largest U.S. health insurer posted fourth-quarter net income on Wednesday of $4.07 billion, or $4.26. Removing one-time benefits and charges, per-share earnings were $4.48, or 18 cents better than expected on Wall Street, according to a survey by Zacks Investment Research. Revenue, at $73.74 billion, also topped expectations.

Ticker Security Last Change Change %
UNH UNITEDHEALTH GROUP INC. 597.49 -3.01 -0.50%
PG PROCTER & GAMBLE CO. 172.75 +1.86 +1.09%

Procter & Gamble also reported better than expected results even with inflationary pressures. 

"We delivered very strong top-line growth and made sequential progress on earnings in the face of significant cost headwinds," President and CEO Jon Moeller said in a release. "These results keep us on track to deliver our earnings outlook and to raise estimates for sales growth, cash productivity and cash return to shareowners."

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Ticker Security Last Change Change %
UAL UNITED AIRLINES HOLDINGS INC. 94.40 -0.23 -0.24%
DFS DISCOVER FINANCIAL SERVICES 174.91 +2.84 +1.65%

In the afternoon, investors will focus on United Airlines and Discover Financial Services. 

Following Microsoft's $68.7 billion acquisition of Activision Sony shares fell over fears on remarising competition. 

Ticker Security Last Change Change %
SNE NO DATA AVAILABLE - - -
Ticker Security Last Change Change %
SONY SONY GROUP CORP. 19.07 -0.11 -0.57%

Other game-makers remain in focus as speculation mounts over the possibility of more M&A in the sector. 

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Ticker Security Last Change Change %
MSFT MICROSOFT CORP. 412.87 -1.79 -0.43%
ATVI NO DATA AVAILABLE - - -
EA ELECTRONIC ARTS INC. 167.97 +1.26 +0.76%
ZNGA NO DATA AVAILABLE - - -
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC. 186.58 +1.08 +0.58%

In economic news, the number of new homes under construction in December rose 1.7% exceeding the stronger-than-expected increase in November to 1.679 million. Permits for future construction were also strong up 1.87% after jumping 3.9% the previous month to the highest since August. Both reads came in better-than-expected. 

Ticker Security Last Change Change %
TOL TOLL BROTHERS INC. 152.36 +0.45 +0.30%
DHI D.R. HORTON INC. 162.79 +0.95 +0.59%
LEN LENNAR CORP. 168.07 -0.16 -0.10%

GOLDMAN SACHS' PROFIT DECLINES BY 13% IN FOURTH QUARTER

In Asia, Japan’s benchmark Nikkei 225 dropped 2.8% to its lowest level since August,  Hong Kong’s Hang Seng added 0.1% and China's Shanghai Composite lost 0.3%.

FOX Business' Ken Martin and The Associated Press contributed to this report.