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 42052.19 +288.73 +0.69%
SP500 S&P 500 5728.8 +23.35 +0.41%
I:COMP NASDAQ COMPOSITE INDEX 18239.917355 +144.77 +0.80%

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. 222.91 -3.00 -1.33%
AMZN AMAZON.COM INC. 197.93 +11.53 +6.19%
GOOGL ALPHABET INC. 171.29 +0.18 +0.11%

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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 72.02 -1.06 -1.45%

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 11.04 -0.13 -1.16%

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. 41.77 -0.05 -0.12%
MS MORGAN STANLEY 116.85 +0.60 +0.52%

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. 567.56 +3.06 +0.54%
PG PROCTER & GAMBLE CO. 165.10 -0.08 -0.05%

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. 80.46 +2.20 +2.81%
DFS DISCOVER FINANCIAL SERVICES 151.38 +3.01 +2.03%

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. 17.73 +0.13 +0.74%

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. 410.37 +4.02 +0.99%
ATVI NO DATA AVAILABLE - - -
EA ELECTRONIC ARTS INC. 151.26 +0.41 +0.27%
ZNGA NO DATA AVAILABLE - - -
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC. 163.78 +2.06 +1.27%

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. 146.50 +0.06 +0.04%
DHI D.R. HORTON INC. 167.67 -1.26 -0.75%
LEN LENNAR CORP. 169.66 -0.64 -0.38%

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.