Stocks tumbled for the third day in a row on Thursday, with
the major averages losing between 1.3% and 1.7%.
The market kept close to its flat line for the first half of
Thursday's session as investors debated their next move following Wednesday's
breaching of the S&P 500's 50-day simple moving average. Stocks started
slipping in the early afternoon, but began a decisive retreat not long after
President Trump announced new tariffs on steel and aluminum imports. The
tariffs, which are 25% for steel imports and 10% for imported aluminum,
prompted concerns about higher prices and a potential retaliation from China
and other countries.
Today after the close the following companies are scheduled to report: SRPT, SWN, TNDM, CPLA, STRA, CWST, AHT, EGL, EVC, PK, RDUS, UNIT, XRAY, NPTN, ZIOP, MBI, NKTR, NVAX, BW, OPK, EFX, ICUI, JWN, OMER, PBYI, SGYP, XON, CARG, GPS, SPLK, PSTG, AMBA, NTNX, VMW, RH, KEYS, AOBC.
Futures are mixed after hours: S&P 500 futures are -0.75 from the fair value of 2678 and Nasdaq100 futures are +5.75 from fair value of 6754.
Tomorrow morning, economic reports scheduled to be released include: None.
Tomorrow before the open the following companies are scheduled to report earnings: ZEUS, JCP, JD, FL.
In the energy markets today, the EIA released its weekly storage data report:
- Natural gas inventory showed a draw of 78 bcf vs a draw of 124 bcf in the prior week
- The agency also reported that working gas in storage was 1,682 Bcf as of Friday, February 23, 2018, according to EIA estimates. This represents a net decrease of 78 Bcf from the previous week. Stocks were 680 Bcf less than last year at this time and 372 Bcf below the five-year average of 2,054 Bcf. At 1,682 Bcf, total working gas is within the five-year historical range.