S&P and Dow reports first consecutive slump since January, Biotech’s as well with 1 percent

S&P and Dow jones

House Republicans bill will set aside Obamacare and the U.S. equities ended lower as investors pondered over the possibilities of a rigid monetary policy in Tuesday.

Peter Cardillo, chief market economists at First Standard Financial, pointed out that the number New York Stock Exchange concerns that ended at a 52-week low exceeded those that ended at a 52-week high on Monday.

The S&P 500 was down 0.3 percent with energy leading as its decliners, 30-stock index adjusted just 69.28 points in the session. These 2 indexes are now on its 2 day losing streak since January. Meanwhile the Dow Jones industrial average loses 30 points with Chevron as its major decliner. The Nasdaq composite edged down 0.26 percent.

After President Donald Trump’s tweet about working on a “new system where there will be competition” in the drug industry, the SPDR S&P Biotech ETF and iShares Nasdaq Biotechnology ETF declined more than 1 percent on Tuesday.

The U.S. economy is expected to gain more than 186,000 jobs last month according to economists polled by Reuters. Investors are looking forward to the February jobs report, which Is scheduled to release on Friday.

The U.S. trade shortfall advanced to the highest level in January in approximately five years to $48.5 billion, the Commerce Department said on Tuesday. The yield on the 10-year Treasury notes gauge was higher at around 2.51 percent on the prior day.

Meanwhile in earnings, Dick’s Sporting Goods and Brown-Forman are some of the companies that reported before the opening bell. Brown-Forman surpassed its revenue but failed to meet its earning expectations while Dick’s Sporting Goods earned an adjusted $1.32 per share for its current quarter, 2 cents per share above estimation.

In Asia, Japan’s Nikkei ended 0.18 percent lower, while China’s Shanghai composite ended 0.27 percent higher. In Europe, the pan-European Stoxx 600 index settled 0.27 percent lower on Tuesday.


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