U.S. Equities Slide as Financial, Health-Care Shares Decline

U.S. stocks fell, mirroring a drop in global shares led by oil producers and miners, as commodity prices retreated and Goldman Sachs Group Inc. weighed on financial companies.

The S&P 500 lost 0.3 percent at 4 p.m. in New York to 2,342. The benchmark gained 0.9 percent on Monday in thin trading, but failed to move back above its 50-day moving average. The Dow Jones Industrial Average dropped 114 points to 20,523 on Tuesday.

  • Financial shares 0.8% lower as Goldman weighs on group
    • Goldman lost 4.7%, worst day since June
  • Health-care stocks down 1% for worst performance in market
    • Cardinal Health down 12% as company buys Medtronic unit for $6.1 billion
  • Real estate and utility stocks higher as Treasury yields drop across maturities
  • UP MOVERS: CBS (CBS), Molson Coors (TAP), AutoNation (AN)
  • DOWN MOVERS: Cardinal Health (CAH), WW Grainger (GWW), Johnson & Johnson (JNJ)
  • VIX down to 14.4
    • Volatility movers: Universal Health Services (UHS), Loews (L), Snyopsys (SNPS) have highest put-call volume ratio in S&P 500
  • About 6.1 billion shares traded hands on U.S. exchanges, 11% below YTD average
    • Volume movers: WW Grainger (GWW), Cardinal Health (CAH), Netflix (NFLX) all trading on volume of at least 4 times 30-day average
  • POLITICS:
    • Conservative activists and House Republican leaders want to eliminate a trillion-dollar tax break that mostly benefits wealthy filers in Democratic states
    • U.K. Prime Minister Theresa May called for an early election on June 8, in a stunning gamble aimed at strengthening her hand going into talks on leaving the European Union
  • ECONOMY:
    • Residential starts decreased 6.8 percent to a 1.22 million annualized rate from 1.30 million in February
    • Permits, a proxy for future construction, climbed 3.6 percent to a 1.26 million annualized rate in March
    • Output at U.S. manufacturers fell in March by the most since August as production of automobiles and parts and business equipment declined
  • EARNINGS (S&P 500):
    • After-market Tuesday: Navient (NAVI), Intuitive Surgical (ISRG), Yahoo! (YHOO), Lam Research (LRCX), International Business Machines (IBM)
    • Pre-market Wednesday: US Bancorp (USB), Huntington Bank (HBAN), Textron (TXT), BlackRock (BLK), Morgan Stanley (MS), Abbot Labs (ABT), Genuine Parts (GPC)
  • Europe Market
    • Stoxx Europe 600 Index dropped 1.1% at the close

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