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.
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.