U.S. Stocks Decline After Health Reform Setback as Banks Drop

U.S. stocks slid as health-care reform died in its tracks and and investors assessed earnings from Goldman Sachs and Bank of America.

The S&P 500 lost 0.2 percent to 2,455 as of 9:50 a.m. New York time. The benchmark index was steady near all-time high levels reached Friday. The Dow Jones Industrial Average lost 0.3 percent to 21,574.

  • Utility shares only group higher in early trading
  • Financial stocks down 0.3% led by losses in regional banks as Goldman and Bank of America decline
  • 10-year down almost 4 bps
  • Netflix up 9% after the streaming-video provider posted a record second quarter with subscriber growth exceeding forecasts
  • POLITICS:
    • The health care reform plan failed to secure enough support in the Senate. The bill is dead in its current form after Senate Majority Leader Mitch McConnell abandoned efforts to pass it in a blow to Trump, who campaigned on a promise to repeal the Affordable Care Act, known as Obamacare
  • ECONOMY:
    • U.S. June import prices fell 0.2% M/m, matching est.
    • Import prices forecast range -1.0% to +0.1% from 37 economists
  • EARNINGS:
    • After-market Tuesday: CSX (CSX), Navient (NAVI), United Continental Holdings (UAL), International Business Machines (IBM)
    • Pre-market Wednesday: US Bancorp (USB), M&T Bank (MTB), Northern Trust (NTRS), Textron (TXT), Morgan Stanley (MS), WW Grainger (GWW), Kinder Morgan (KMI), Reynolds American (RAI)

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