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The Dow fell 0.7%, while losses in the S&P 500 and the Nasdaq composite were around 0.4%. Volume on the NYSE and Nasdaq was tracking higher than Monday’s levels.
The stock market held up relatively well amid sharp losses in London and Paris overnight. The Paris CAC 40 swooned 1.6% amid uncertainty about the outcome of France’s presidential election. Meanwhile, London’s FTSE 100 slumped 2.5% after U.K. Prime Minister Theresa May said she’ll seek an early election June 8 to strengthen her hand headed into Brexit talks.
The 10-year Treasury yield continued to bleed. It fell another 7 basis points to 2.18% as the bond market continues to seem at odds with the Fed about the Fed’s current economic outlook.
In the stock market today, earnings reports in the financial sector remained in focus. Goldman Sachs (GS) slumped 5% to around 214. It could be poised for a test of its 200-day moving average, currently around 203. Bank of America (BAC) reversed lower after a strong start. Shares were down 0.8% after rising 1.5% early.
Charles Schwab (SCHW) had a lot of good news in its earnings report, including earnings and sales beats, as well as the highest number of new quarterly accounts in 17 years, but the headlines didn’t help the stock much as shares fell 1%.
Inside the IBD 50, telecom infrastructure firm Dycom Industries (DY) cleared a base with a 98.57 buy point. Shares were up 5% in afternoon trading to 102.62, after Verizon inked a $1.5 billion fiber-optic cable deal with Corning (GLW). Dycom provides engineering, construction, maintenance and installation services to telecom providers.
Intuitive Surgical (ISRG) gave back 1% ahead of its earnings report after the close. Growth has slowed dramatically at the medical device maker, best known for its da Vinci robotic surgical system for minimally invasive procedures, but the stock continues to hold near highs. The company sold 163 da Vinci systems in the fourth quarter, up 3% from the year-ago quarter.