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These Sectors Got Crushed in Worst Trading Day of 2017
Today marked the worst trading day of 2017 so far, with the financials and materials sectors taking some of the biggest hits as investors anxiously await a key healthcare vote.
At market close, the S&P 500 dropped over 29 points, or 1.24%, to 2,344.02. The Dow Jones Industrial Average was down more than 237 points, or 1.14%, to 20,668.01, while the Nasdaq had declined over 107 points, or 1.83%, to 5,793.83%. The small-cap Russell 2000 underperformed as well, falling around 2%
Sector-wise, financials was today’s biggest loser, down 2.87%. Top industry stocks like Bank of America (BAC - Free Report) closed down almost 5.8%, and JPMorgan Chase (JPM - Free Report) and Citigroup (C - Free Report) were each down 2.9% and 2.6%, respectively. Materials was another hard-hit sector, down 1.67% overall. In particular, U.S. Steel (X - Free Report) and AK Steel closed down 9% and over 10%, respectively.
And this Thursday, House Republicans are set to vote on repealing and replacing the Affordable Care Act. However, “they can only afford to lose about 20 votes from Republican ranks, or risk the bill failing, since minority Democrats are united against [the American Healthcare Act], notes Reuters. The longer it takes to pass healthcare reform, the longer it will take for Trump’s other policies to come to the table, like tax reform.
For more information on the AHCA, check out an expansive guide to the winners and losers of Trump’s Obamacare replacement bill.
The last time the market dropped this severely was on October 11, when the S&P 500, Dow, and Nasdaq all registered sharp daily declines in the lead-up to the U.S. presidential election.
5 Trades That Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today, Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>