Stocks slid in trading on Monday amidst a swirl of political news and a variety of US economic data releases.
All three major stock indexes finished in the red, marking one of the worst trading days of 2017.
We’ve got all the major headlines, but first, the scoreboard:
- Dow: 19,971.40, -122.38 (-0.65%)
- S&P 500: 2,280.66, -14.30 (-0.61%)
- Nasdaq: 5,612.15, -47.64 (-0.83%)
- Business leaders and CEOs reacted to President Donald Trump’s ban on immigration from seven predominately Muslim countries. CEOs of the major US banks spoke out against Trump’s executive order, as did tech leaders and others.
- Starbucks CEO Howard Schultz promised to hire 10,000 refugees after the Trump order. The move drew criticism from some online. Schultz was a vocal supporter of Hillary Clinton during the election.
- Snap — the parent company of Snapchat — will list its stock on the New York Stock Exchange. The company’s IPO filing is expected to be released this week. The company is expected to value itself between $20 billion and $25 billion.
- TempurSealy — the maker of Tempur Pedic mattresses — tanked after it failed to reach an agreement with a key retailer. A statement from TempurSealy said that it was unable to come to an agreement with Mattress Firm to continue to sell its products. The stock fell around 28% in trading.
- Pending home sales beat expectations. The measure of homes sold but not closed increased by 1.6% in December from the month before, this was ahead of a 1.1% gain expected by economists.
- Personal spending and PCE inflation met expectations, while personal income came up short. Personal spending jumped 0.5% from the month before in December and core PCE inflation increased 0.2%, both matching expectations. Personal incomes rose by 0.3%, short of expectations of 0.4%.
- The Dallas Fed Manufacturing index hit its highest level since April 2010. The measure of Texas manufacturing came in at 22.1, well above expectations of 15.0 from economists.
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