Slump In Financials Sends Wall St. Lower

Andrew Kelly  Reuters
Traders work on the floor at the New York Stock Exchange in Manhattan New York City U.S

The Nasdaq Composite tumbled by 1.8 percent, ending at 5,794. Plus, oil prices continue to suffer, after domestic crude inventories rose more than expected last week, hitting a record high. Specifically, Trade-Alert notes a purchase of 24,308 January 2018 38-strike calls for 60 cents each, meaning this speculator is betting almost $1.5 million ($0.60 * 100 shares per contract * number of contracts) on the exchange-traded fund (ETF) topping the $38 mark in the months ahead. Randy Frederick, vice president of trading and derivatives at Charles Schwab, said "there aren't any catalysts to take the market higher, but there aren't any to derail it either". The S&P/ASX 200 Index lost 4 points to finish at 5,775.

Tuesday's selloff came as issues with the Republicans' health-care bill prompted investors to question Trump's ability to follow through on promises of tax reforms and $1 trillion in infrastructure spending (http://www.marketwatch.com/story/trump-wants-to-fast-track-1-trillion-infrastructure-plan-2017-03-08), according to Connor Campbell, financial analyst at Spreadex.

The CBOE Volatility index, Wall Street's "fear gauge", jumped 10 per cent. Expectations of those tax cuts are a major reason for the 10-percent surge in the S&P 500 since Trump's election in November.

Five of the 11 major S&P sectors were lower, with the financial index's 1.32 percent fall leading the decliners.

In economic news, existing home sales data for February showed a decline of 3.7 percent.

Benchmark 10-year U.S. Treasuries were last up 9/32 in price to yield 2.441 percent, the lowest yield since March 1.




The Russell 2000 index of smallcap stocks was down 2.03 percent, on pace for its worst day since September.

The financial sector has been the best performing of the 11 major S&P sectors since Trump's election, surging almost 20 percent on his proposals to cut bank regulations and reduce taxes.

Shares of FedEx Corp dropped 3 per cent in extended trade after the delivery company's quarterly report disappointed investors.

The S&P 500 posted 25 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 73 new highs and 66 new lows.

About 8.3 billion shares changed hands in USA exchanges, compared with the 7.1 billion daily average over the last 20 sessions.

Related news:

Hot News

isis-killer-beheading-video-story-top Westminster terror attack: Mayor of London's statement
Mar 23, 2017 - 01:48
Channel 4's Ciaran Jenkins asked if Mr Trump Jr had even read the article "before goading London's Mayor during a live incident'". Khan released a statement Tuesday thanking police for their quick response time after an apparent terrorist attack in London.

isis-killer-beheading-video-story-top Conservatives upset with Tomi Lahren for admitting she's pro-choice
Mar 22, 2017 - 00:51
She didn't take the suspension sitting down, though, going right to her Twitter account to post her opinions on the situation. Some conservatives speculate her "evolution" has more to do with her contract expiring than an actual change in beliefs.

isis-killer-beheading-video-story-top Orly airport: France launches terror investigation
Mar 22, 2017 - 00:51
Belgacem also had a criminal record, which included robbery and drug-related offences, Paris prosecutor Francois Molins said. Ziyed Ben Belgacem's blood alcohol level were also found to be at almost twice the legal limit for driving in France.

isis-killer-beheading-video-story-top 8 new features Android O will bring to your phone
Mar 22, 2017 - 00:51
Picture-in-picture mode on iOS is just on the iPad, and we are thinking it will be available only for the Android tablets as well. This could enable existing password management solutions like LastPass to integrate directly with the operating system.

isis-killer-beheading-video-story-top Hundreds Of 9/11 Families And First Responders Have Sued Saudi Arabia
Mar 22, 2017 - 00:50
The Justice Against Sponsors of Terrorism Act passed by Congress was vetoed by former President Obama previous year . Fifteen out of the 19 9/11 hijackers were Saudi nationals and three of them had previously worked for the kingdom.

isis-killer-beheading-video-story-top German Chancellor and Japan's PM defend free trade
Mar 22, 2017 - 00:49
G7 leaders meet in Italy in May and trade is likely to be one of the thorniest issues at the table. The German and Japanese leaders were both coming off a week of meetings with U.S.

isis-killer-beheading-video-story-top Death toll rises as ISIS uses Mosul residents as shields
Mar 22, 2017 - 00:48
Federal police troops have advanced past the train station in western Mosul closer to the mosque. The battle to recapture ISIL's last stronghold in Iraq has now entered its sixth month.

isis-killer-beheading-video-story-top Mercosur deal: Brussels pressed over Brazilian meat scandal
Mar 21, 2017 - 01:01
Investigator Mauricio Moscardi Grillo said the meatpackers used chemicals to improve the appearance and smell of expired meats. Allegations have surfaced in Brazil that meat processors in the country have been selling rotten beef and poultry products.

isis-killer-beheading-video-story-top Disney's Beauty And The Beast pulled from Kuwait cinemas amid content concerns
Mar 21, 2017 - 01:01
Similar concerns over the film's brief scene prompted a drive-in theater in the US state of Alabama to cancel showings. Billboard says that in the country, LGBT characters can only be depicted onscreen "as long as they show 'repentance'".

isis-killer-beheading-video-story-top Sesame Street debuts first autistic character
Mar 21, 2017 - 01:00
Ferraro hopes that along with educating viewers about autism the new character will settle in as a part of the neighborhood. The children's TV show is introducing a new muppet character which has orange hair, a toy rabbit - and autism.

Oil ends lower as rising United States rig count, G-20 statement unnerves
Mar 21, 2017 - 01:00
As of 8am GMT (4 pm Singapore time), prices for benchmark Brent crude futures were down 34 cents, or 0.66 per cent, at US$51.42 (S$72) per barrel.

isis-killer-beheading-video-story-top No Sign of Tennesee Teacher and Abducted Student
Mar 21, 2017 - 01:00
Thomas' brother added that his younger sister would always tell them when she was hanging out with friends or going somewhere. Cummins is a white man with brown hair and eyes, who stands 6-feet tall and weighs about 200 pounds.

isis-killer-beheading-video-story-top Adele fans cheer proposal during Melbourne concert
Mar 21, 2017 - 00:59
The popular singer stopped in the middle of her Australian concert to berate the guard who kept forcing people to sit down. Another joked they were feeling a little overwhelmed, tweeting: 'Me: Sees Adele in her box being wheeled to the stage.

isis-killer-beheading-video-story-top Intel documents offer no evidence of spying on Trump Tower
Mar 21, 2017 - 00:58
That allows the government to collect the communications of individuals suspected of being agents of a foreign power. Richard Burr, R-N.C., and Mark Warner, D-Va., said in a one-sentence joint statement Thursday afternoon.

isis-killer-beheading-video-story-top Billionaire banker, philanthropist David Rockefeller dies at 101
Mar 21, 2017 - 00:57
David Rockefeller, banker, philanthropist and presidential adviser, died Monday at 101, a statement from a family spokesman said. Forbes magazine ranked Rockefeller 581st on its annual list of billionaires released Monday with a fortune of $3.3 billion.