The markets suffered yet another sharp drop today as investors await the decision from the Federal Reserve on Wednesday. The Dow 30 sold off 507, the S&P 500 closed lower by 54, and the Nasdaq 100 closed lower by 156.
Sector News
Healthcare continued its push down to the 200-day moving average on news that a judge has ruled Obamacare unconstitutional. Healthcare has been one of the stronger sectors this year until the recent market selloff took down nearly every area of the market.
The banking sector saw a technical reversal day that technical traders will use as a short term bottom. The gap down today was erased by mid-morning as the bulls stepped in to try and pick the bottom once again in the banking sector.
Stock News
Shares of Best Buy (NYSE: BBY) moved to new 52-week lows today as Bank of America (NYSE: BAC) downgraded the stock to underperform. They analyst firm cited deceleration in industry growth trends as well as continued weakness in areas like TVs and iPhones. Since the end of September shares have lost over 50%.
Healthcare stocks like HCA (NYSE: HCA), United Health (NYSE: UNH), and others started the day lower as a Texas Federal judge ruled that the Affordable Care Act is unconstitutional and will likely head back to the Supreme Court.
Lululemon (NASDAQ: LULU) shares were upgraded today to buy at Stifel Nicolaus as they see positive sales momentum into next year which, according to them would push it into double digit revenue growth. Shares have been in a steady downtrend, pulling back to the 200-day moving average.
Boeing (NYSE: BA) shares enjoyed a gain on the day as they announced their finalized deal with Brazil's Embraer (NYSE: ERJ). Boeing will end up paying $4.2 billion for an 80% stake in the company, which is seen as a compromise to get approval from the Brazilian government.