Dow Jones Today Slumps as Traders Eye Inflation Data, Bond Yields

The Dow Jones today could see more wild swings as investor uncertainty remains near its highest levels over the past five years.

Dow futures were down as much as 200 points this morning as markets continue their wild ride. Yesterday, the Dow closed up 410 points while the CBOE Volatility Index jumped another 4.3% and hit 26.71.

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Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:

Now, here's a closer look at today's most important market events and stocks, plus Wednesday's economic calendar.

The Top Stock Market Stories for Tuesday

• The Dow Jones Industrial Average continued its wild ride Monday with a 410-point gain. Volatility reentered the market last week on rising expectations that the U.S. Federal Reserve will accelerate plans to raise interest rates. The uptick came after all three major indexes - the Dow Jones, the Nasdaq, and the S&P 500 - all finished last week 5% lower. Today, investors will be looking for comments from Cleveland Federal Reserve Bank President Loretta Mester on the central bank's plans for 2018.

• Today will feature a light day of economic data. But there was one key number released this morning that should make investors happy. The National Federation of Independent Business said that its small business optimism index nearly set a new record in January. The reason that it didn't top the record is because businesses are still struggling to find qualified employees for their companies. The positive sentiment has been fueled by a stronger economy, consumer spending, and tax reform.

• Gold prices were up slightly Tuesday morning thanks to fluctuations in the U.S. dollar. Gold investors are taking a wait-and-see approach until tomorrow's big monthly report on U.S. inflation levels. Inflation expectations pushed lower last month, according to a survey released on Monday by the New York Fed.

• Crude oil prices fell on Tuesday morning. The WTI crude oil price today dipped 0.6%. Brent crude dipped 0.3%. Shifts in the U.S. dollar and the broader equity market's decline are pushing prices lower. Tuesday is typically one of the weakest on data to move the market, barring a major announcement from OPEC. Later this afternoon, the American Petroleum Institute will announce its weekly inventory levels. That report is a preview for Wednesday's official report from the Energy Information Administration.

Three Stocks to Watch Today: UAA, PEP, AMZN

• Shares of Under Armour Inc. (NYSE: UAA) popped more than 10% thanks to a much-needed earnings report that showed positive international sales growth. The company reported earnings per share (EPS) of $0.00 on top of $1.365 billion in revenue. The EPS was a penny shy of Wall Street earnings expectations, but the firm did top revenue estimates. Though the firm did show solid gains around the globe, its North American business is still struggling. The firm announced it will expand its restructuring program to improve operations and efficiencies.

• It's Amazon.com Inc. (Nasdaq: AMZN) versus everyone else... and Amazon is winning. This morning, healthcare supplier and services firms McKesson Corp. (NYSE: MCK), Cardinal Health Inc. (NYSE: CAH), and Owens & Minor Inc. (NYSE: OMI) were all off more than 3% because of Amazon. According to reports, Amazon is now poised to expand its medical supplies Amazon Business marketplace. The platform will poach market share from these entrenched competitors.

• Shares of PepsiCo Inc. (NYSE: PEP) are down after the firm beat analysts' earnings and revenue expectations. The firm reported EPS of $1.31 on top of $19.52 billion in revenue. Wall Street's average EPS estimate was $1.30 on top of $19.44 billion in revenue. The stock was sliding today because Pepsi signaled that it is struggling to bolster customer growth in the United States.

• Look for additional earnings reports from Baidu Inc. (Nasdaq: BIDU), Fossil Inc. (Nasdaq: FOSL), Sina Corp. (Nasdaq: SINA), Twilio Inc. (Nasdaq: TWLO), Western Union (NYSE: WU), Weibo Corp. (NYSE: WB), and MetlLife Inc. (NYSE: MET).

Tuesday's U.S. Economic Calendar (all times EST)

• NFIB Small Business Optimism Index at 6 a.m.
• Cleveland Fed Bank President Loretta Mester speaks at 8 a.m.
• Redbook at 8:55 a.m.
• Four-Week Bill Auction at 11:30 a.m.

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