Stocks closed lower for a second straight day for the first time in more than a month. Pharma stocks slipped after President Donald Trump tweeted he was working on a system that would create competitive pricing in the drug industry.
Here’s the scoreboard:
- Dow: 20,921.35, -32.99, (-0.16%)
- S&P 500: 2,367.74, -7.57, (-0.32%)
- Nasdaq: 5,831.27, -17.91, (-0.31%)
- There’s pushback on the Obamacare replacement. The Republican Study Committee — a conservative caucus with 172 members — released a memo criticising the American Health Care Act, specifically the tax credits proposed for people to buy healthcare if they do not receive it from their employer or a government program like Medicare or Medicaid.
- Snap continues to slide. Shares of Snapchat’s parent company dropped 11% to as low as $US21 as short sellers prepared to borrow.
- The US trade deficit jumped in January to a five-year high. The Commerce Department said the trade deficit in January rose 9.6% to $US48.5 billion. This underscored the challenges facing President Donald Trump in fulfilling a campaign pledge to reduce deficits.
- Hewlett Packard Enterprise is buying the flash-storage company Nimble Storage for $US12.50 a share, or about $US1 billion. HPE will also assume or pay out Nimble’s unvested equity awards, which are worth about $US200 million.
- Gallup’s measure of US economic confidence jumps to a record high. The US Economic Confidence Index jumped by seven points to +16 from February 27 to March 5, marking the highest weekly average in the index’s nine-year trend.