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In Dow Jones news today, the Dow fell over 200 points as concerns continue to accelerate that President Donald Trump will not be able to cut taxes as quickly as hoped for.
It was the worst day of 2017 for the Dow as banking stocks led the decline. The Nasdaq also dropped more than 1%.
The CBOE Volatility Index – widely considered the market's fear gauge – surged more than 7%.
Let's look at the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,668.01; -237.85; -1.14%
S&P 500: 2,344.02; -29.45; -1.25%
Nasdaq: 5,794.00; -107.70; -1.82%
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
Dow Jones News Today: Banking Stocks Plunge
Shares of JPMorgan Chase & Co. (NYSE: JPM) fell close to 3%, while Keycorp (NYSE: KEY) dropped over 6%. Banking stocks were already under pressure heading into the week after the U.S. Federal Reserve raised interest rates last week by 25 basis points but signaled a less aggressive stance on future rate hikes.
Policy analysts project that the Trump administration and Republicans will not be able to get the repeal bill of the Affordable Health Care Act through Congress. That fleeting expectation has investors worried that the GOP will also fail to engage in tax reform later this year.
Crude oil prices fell to a four-month low as markets largely ignored chatter that OPEC would follow through on the extension of its deal to cap excessive production. Rising U.S. production and inventory levels have largely deflated hopes that OPEC and non-member Russia will continue to slash crude production without seeing better economic results.
The WTI crude oil price today dipped more than 1%, and Brent crude also fell more than 1%. Money Morning Global Energy Strategist Dr. Kent Moors explains the real problems behind the sharp decline in crude oil prices in the last week. Here's what Wall Street doesn't want you to know.
But the big story sliding under the radar was reported on March 17 by USA Today.
The world's first marijuana gym will open in the fall of 2017 in San Francisco. The announcement is the latest positive sign for the marijuana industry, showing that recreational use is becoming more widespread and accepted in the United States.
Stock Market News and Top Stocks to Watch Today: March 21, 2017
- Shares of Deutsche Bank AG (USA) (NYSE: DB) gained more than 16% Tuesday. The uptick comes after a sharp decline Monday, when the bank announced that it will issue 687.5 million new shares to raise $8.6 billion. The company will sell its stock at a 35% discount.
- Shares of Facebook Inc. (Nasdaq: FB) fell more than 1% despite news that the stock received an upgrade from investment firm BTIG. The upgrade to "Buy" is a reversal of its ratings last summer. It comes after JP Morgan Chase & Co. (NYSE: JPM) said that not having a "Buy" rating on Facebook stock in 2017 has been a mistake.
Why the Facebook Stock Price Will Rise
- In earnings news, shares of General Mills Inc. (NYSE: GIS) fell nearly 1% after the consumer goods firm fell short of quarterly revenue expectations. Though the company topped earnings-per-share (EPS) expectations, the firm cited price weakness and an increase in promotional activity. It was the seventh consecutive quarter of falling sales for the firm. General Mills also received a stock downgrade from Bernstein, which lowered expectations for a number of consumer product manufacturers with a reliance on the retail sector.
- Shares of Nike Inc. (NYSE: NKE) are in focus as the global athletics retailer reports quarterly earnings after the bell. Wall Street anticipates that Nike will report EPS of $0.52 on top of $8.446 billion in revenue.
- Look for additional earnings reports later today from FedEx Corp. (NYSE: FDX), Silver Wheaton Corp. (NYSE: SLW), and Steelcase Inc. (NYSE: SCS).
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- FHFA House Price Index at 9 a.m.
- Existing Home Sales at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.