Stocks fell sharply following a report that a meeting between President Trump and the Chinese President is unlikely before the key March deadline. The two nations have until the first of March to come to an agreement on trade to avoid additional tariffs being imposed. Shares of bellweather trade companies dropped on the news, with Caterpillar, Deere and Boeing all traded lower for the day. The market was on edge this morning on worries about the global economy. The European Commission slashed its growth outlook for the euro zone this year. Corporate earnings continue to roll in with results coming in across the board. At the end of the day, here’s a look at how we finished the day on Wall Street:
DOW -220 at 25169
SP500 -25 at 2706
NASDAQ -86 at 7288
The 10 Year Treasury yield closed down 5 basis points to yield 2.65%
Oil prices closed -1.36 at 52.65 a barrel
Gold prices closed -.70 at 1313.70 an ounce
In the days’ stock news:
- Twitter reported quarterly earnings that beat expectations; however, shares of the social media company fell nearly 10% as the company issued light guidance.
- Fiat Chrysler and Cardinal Health were among the companies that reported BTE earnings.
- Chipotle reported strong results yesterday after the bell. CMG shares closed up over 11% at 585.78.
- In M&A news, BB&T agreed to buy SunTrust for more than 28 billion. The deal, which is the largest within the banking sector, creates a $66 billion company and the sixth largest US bank by assets. Both companies rose sharply for the day.