U.S. Stocks Drop Most in a Month as Energy Shares Fall With Oilby
U.S. stocks fell with global equities, as energy shares declined with the price of crude oil and global criticism mounted against U.S. President Donald Trump’s executive order halting some immigration to the country.
The S&P 500 Index lost 0.6 percent to 2,280.90 at 4 p.m. in New York, trimming a third monthly advance. The Dow Jones Industrial Average declined 123 points to 19,971.13 while the CBOE Volatility Index jumped the most since November.
- VIX up 12% after four days of declines took the gauge to 10.6, the lowest in more than two years
- Energy shares down 1.8% as crude oil drops 0.9% for second session of losses
- Tech and financial shares down at least 0.8% as S&P banks index drops 1.1% with all 17 members declining
- Trump’s executive order halting immigration from seven predominantly Muslim nations sparked a backlash from world governments to companies, with major international firms saying it threatened to choke the free flow of workers and commerce
- Michael Block, chief global strategist at Rhino Trading Partners, writes: “markets give a somewhat more interested than usual thumbs down to the Trump Administration”
- Investors will also focus on corporate earnings this week, with Apple Inc., Exxon Mobil Corp. and Pfizer Inc. among more than a 100 firms in the S&P 500 scheduled to report results
- About a third of the benchmark’s members have released quarterly figures so far this season, of which three-quarters beat profit estimates and about half topped sales forecasts, according to data compiled by Bloomberg.
- After-market Monday: Leggett & Platt (LEG), UDR (UDR), General Growth Properties (GGP), Principal Financial Group (PFG)
- Pre-market Tuesday: Valero Energy (VLO), Simon Property Group (SPG), Danaher (DHR), Thermo Fisher Scientific (TMO), Aetna (AET), HCA Holdings (HCA), Nucor (NUE), Eli Lilly (LLY), AmerisourceBergen Corp (ABC), Pfizer (PFE), Coach (COH), Harley-Davidson (HOG), Xerox (XRX), Nasdaq (NDAQ), LyondellBasell Industries (LYB), Under Armour (UAA), Ally Financial (ALLY), Sprint (S), Zimmer Biomet Holdings (ZBH), United Parcel Service (UPS), Exxon Mobil (XOM), Mastercard (MA), PACCAR (PCAR)
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