The Dow Jones Industrial Average shed 200 points after a sell-off in healthcare stocks and a rising dollar battered commodity prices. Investors are still weighing Sunday night's presidential debate, which pundits overwhelmingly scored to Democratic candidate Hillary Clinton.
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Let's look at the final numbers on Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 18,128.66; -200.38; -1.09%
S&P 500: 2,136.73; 26.93; -1.24%
Nasdaq: 5,246.79; -81.89; -1.54%
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
The Dow Jones fell more than 1% on Tuesday after a sharp slump in healthcare stocks and rising oil volatility fueled a sell-off. Earnings season got off to a sour note when Alcoa Inc. (NYSE: AA) badly missed quarterly expectations. Meanwhile, the healthcare sector fell to its lowest levels since the post-Brexit sell-off in June.
In another blow to U.S. manufacturing, Ford Motor Co. (NYSE: F) announced it will shutter its Mustang factory in Flat Rock, Michigan, for a week. The firm announced that domestic sales of the vehicle plunged by a stunning 32% in September.
The price of crude oil today fell today thanks to ongoing concerns about the stability of the recent deal signed by OPEC suppliers. Money Morning Global Energy Strategist Dr. Kent Moors has called OPEC's deal a game-changer. Moors explains what's next for oil prices and what investors must know about global production. The WTI crude oil price today was off 1.1% early this morning, while the Brent crude oil price slipped 1.3%. Here's more on why the price of crude oil was so volatile during Tuesday's trading session.
But the big story today was at Wells Fargo & Co. (NYSE: WFC). Shares were under pressure after The Wall Street Journal reported that the company is warning of difficult times ahead. According to the report, the bank's branch managers had been pushing employees to get customers to sign up for expensive overdraft protection. The firm is in crisis mode with its top executives working around the clock to establish a strategy to get past the ongoing fake account scandal. The firm has restructured its senior management. Embattled CEO John Stumpf has faced pressure to resign in recent weeks due to the ongoing fake account scandal. Rumors are emerging that the firm will ultimately align behind Timothy Sloan when the dust settles.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.