Stocks slammed as Goldman, JPMorgan hit Dow The Dow Jones Industrial Average fell over 600 points or 1.8%, before recovering some of those losses, while the S&P 500 and Nasdaq Composite slid 2% and 2.4%, respectively.
The 10-Year Treasury yield rose to 1.84%, adding pressure to equities. Oil also rose to the $84 level following an attack on an oil facility in the capital of the United Arab Emirates that killed at least three people.
In deal news, Microsoft is buying Activision in a combo valued at $68.7 billion giving the software giant a leg-up in the gaming world with titles including ‘Call of Duty’ and ‘Candy Crush’, the companies announced Tuesday.
Electronic Arts, Take-Two and Zenga rose in a down market as traders weighed the possibility of more M&A.
In earnings, Goldman Sachs shares are in focus after fourth-quarter profits fell to $10.81 per share, missing analyst estimates of $11.76 tracked by Refinitiv and below the same period a year ago on weaker results from its trading division. JPMorgan shares fell in sympathy.
