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 | 44782 | -128.65 | -0.29% |
SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
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. | 237.33 | +2.40 | +1.02% |
AMZN | AMAZON.COM INC. | 207.89 | +2.15 | +1.05% |
GOOGL | ALPHABET INC. | 171.22 | +2.27 | +1.34% |
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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 | 71.75 | +0.12 | +0.17% |
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 | 16.25 | +0.14 | +0.84% |
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. | 47.51 | -0.26 | -0.54% |
MS | MORGAN STANLEY | 131.61 | +0.40 | +0.30% |
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. | 590.78 | -6.49 | -1.09% |
PG | PROCTER & GAMBLE CO. | 176.25 | +3.48 | +2.02% |
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. | 96.51 | -0.32 | -0.33% |
DFS | DISCOVER FINANCIAL SERVICES | 182.57 | -0.11 | -0.06% |
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. | 20.01 | -0.04 | -0.20% |
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. | 423.46 | +0.47 | +0.11% |
ATVI | NO DATA AVAILABLE | - | - | - |
EA | ELECTRONIC ARTS INC. | 163.67 | +0.57 | +0.35% |
ZNGA | NO DATA AVAILABLE | - | - | - |
TTWO | TAKE-TWO INTERACTIVE SOFTWARE INC. | 188.38 | +2.82 | +1.52% |
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. | 164.75 | +0.56 | +0.34% |
DHI | D.R. HORTON INC. | 169.44 | +0.74 | +0.44% |
LEN | LENNAR CORP. | 174.14 | +0.79 | +0.46% |
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.