Stocks slipped in early trade, with the Dow Jones Industrial Average posting triple-digit losses.
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This is the second-straight session of lower equities. On Monday, stocks slipped, pressured in part by climbing U.S. bond yields. Higher bond yields can reduce demand for riskier assets such as stocks.
The Dow, the S&P 500 and the Nasdaq were all lower. The Dow, which recently climbed above the 26,000 point milestone, was down more than 200 points with more than 100 points of the stock index’s losses coming from UnitedHealth Group (UNH).
UnitedHealth was experiencing a sell-off, along with the other major health insurers following an announcement from Amazon (AMZN), Berkshire Hathaway (BRK.A) and JPMorgan & Chase (JPM) that they are forming a partnership to tackle U.S. health care costs for employees.
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President Donald Trump will conduct his highly anticipated State of the Union speech Tuesday night, where he will address the nation following his first year in office. The Federal Reserve will also kick off its two-day policy meeting.
Economic data out before the opening bell included home prices as measured by the S&P/Case-Shiller 20-City Index. Prices rose 0.2% on a non-seasonally adjusted basis from October to November, matching the September-October increase. Year-over-year the 20-city index jumped 6.4% in November, in line with the estimate and also matching October’s year-over-year gain.
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This week will be another busy one for earnings reports; highlights include a barrage of reports from the major tech companies, including Facebook (FB), Apple (AAPL), Google’s parent Alphabet (GOOGLE) and Amazon (AMZN).
