U.S. Stocks Slide as Tech, Health Shares Decline for Second Day
(Bloomberg) -- U.S. equities were lower Tuesday as investors parsed over economic data and watched the Republican debate over their party’s health-care bill.
The S&P 500 lost 0.2 percent at 9:50 a.m. in New York as the Dow Jones shaved 21 points to 21,388.
- Financial shares up 0.5% for best advance in early trading
- Tech shares down 0.6%
- Alphabet Inc. slid 1.1 percent after Google got a record fine of 2.4 billion euros ($2.7 billion) from European Union regulators for skewing search results in its own favor to boost its shopping search service
- Utilities, staples and phone shares lower
- 10-year Treasury yield up 5bps
- VIX up to 10.2
- At least three Republican senators said they would vote to block the current version of their party’s health-care bill from advancing
- Investors are awaiting comments by Federal Reserve Chair Janet Yellen this week, with March 2018 the first month for which traders are pricing in at least even odds of a rate increase
- Pre-market Wednesday: Monsanto Co (MON), Paychex Inc. (PAYX), General Mills Inc. (GIS)
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