Finance: STOCKS SLIDE: Here’s What You Need To Know
First up, the scoreboard:
- Dow: 19,826.77, -58.96, (-0.30%)
- S&P 500: 2,267.89, -6.75, (-0.30%)
- Nasdaq: 5,538.73, -35.39, (-0.63%)
- US 10-year yield: 2.325%, -0.055
- WTI Crude: $52.52 per barrel, +0.15, (+0.29%)
1. The dollar tumbled after president-elect Donald Trump said the currency was “too strong.” The US dollar index was down by 0.8% at 100.35 in the mid-afternoon.
2. China takes the spotlight at Davos. Xi Jinping on Tuesday became the first Chinese president to attend the World Economic Forum in Davos. “Whether you like it or not, the global economy is the big ocean you can’t escape from,” Xi said in delivering the forum’s opening plenary speech, introduced by the forum’s founder and chair, Klaus Schwab.
3. The Congressional Budget Office said the GOP’s Obamacare repeal could leave 27 million people without health insurance and cause premiums to skyrocket. The CBO projections are based on the 2015 ACA repeal bill that was vetoed by President Barack Obama. A new repeal bill is currently being drafted and could have some differences.
4. Deutsche Bank will settle with US regulators over mortgage-backed securities for $7.2 billion. The settlement comes after months of wrangling between the bank and regulators. The original settlement was reported to be around $14 billion, which sent Deutsche Bank’s stock into a tail spin in September 2015.
5. Tiffany & Co. said sales at US stores open for at least one year fell 4% during November and December compared with a year ago. “Management attributed the lower sales to local customer spending, with a decline in US sales exacerbated by a 14% decline at the company’s flagship store on Fifth Avenue in New York, which we attribute at least partly to post-election traffic disruptions,” the company said in a statement.
6.Treasury yields plunged. Tuesday’s bid has yields down to their lowest levels since at least the beginning of December.
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