Here is what you need to know.
Stocks get crushed in one of their worst days since Brexit. The Dow Jones industrial average fell 362 points on Tuesday as a selloff in healthcare stocks and rising Treasury yields weighed, making for the third biggest point drop since Brexit.
Americans haven’t been this excited about stocks since the dotcom bubble. The Conference Board’s most recent survey of consumers released Tuesday shows that Americans haven’t been as bullish on stocks since January 2000.
Yellen holds her last meeting as Fed Chair. The US Federal Reserve is widely expected to hold its key interest rate in a range between 1.25% and 1.50% as Fed Chair Janet Yellen gets set to hand the reins to imcoming chairman Jerome Powell.
China’s economy slows down a bit. The official manufacturing purchasing managers index (PMI) fell to 51.3 in January, down from 51.6 in December.
Nintendo posts its best third quarter in 8 years and boosts its oulook. The videogame maker announced an operating profit of 116.50 billion yen ($ 1.07 billion), its highest since 2009, and raised its profit forecast for the year ending March, to 160 billion yen from 120 billion yen, thanks to strong sales of its Switch gaming console.
AMD beats across the board. The chip maker earned $ 0.08 a share on revenue of $ 1.48 billion, boosted by a 60% explosion in computing and graphics sales.
Harley-Davidson is working on an electric motorcycle in 2019. The announcement came alongside the company’s dissappointing fourth-quarter earnings.
Stock markets around the world trade mixed. China’s Shanghai Composite (-0.99%) lagged in Asia and France’s CAC (+0.23%) leads in Europe. The S&P 500 is set to open up 0.34% near 2,832.
Earnings reporting is heavy. Boeing, DR Horton, and Xerox report ahead of the opening bell while AT&T, Facebook, Microsoft, and PayPal release their quarterly results after markets close.
US economic data keeps coming. ADP Employment Change will be released at 8:15 a.m. ET before Chicago PMI and pending home sales cross the wires at 9:45 a.m. ET and 10 a.m. ET respectively. The US 10-year yield is down 2 basis points at 2.70%.