This is a syndicated repost published with the permission of Money Morning - We Make Investing Profitable. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
In Dow Jones news yesterday, 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.
Don’t Miss: Trump’s Secret Weapon Set to Foil China’s Master Plan
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.
Trending: Are Penny Stocks Good Investments in 2017?
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.
To get full access to all Money Morning content, click here
About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.
Disclaimer: © 2017 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201.
The post Dow Jones News Today: Markets Slump as Investors Fear Delayed Tax Cut appeared first on Money Morning – We Make Investing Profitable.
Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
