The markets sold off heavily today as the impact of the Trump, immigration ban started to take effect. Protests were the center of attention for the media, while financial media chose to highlight the sell off in the airline sector. Airline stocks were hit quite hard as the ban, along with technical glitches sent investors fleeing. The Dow 30 was lower by 126, the S&P 500 lost 14, and the Nasdaq 100 lost 47.
Going forward the focus will likely continue to be on the impact of the Trump ban, along with Apple's (NASDAQ: AAPL) earnings and the Federal Reserve rate announcement on Wednesday.
American Airlines (NYSE: AAL) fell 4.37% today as investors responded to the ban on immigration from President Trump. The move today pushed American Airlines to new, two month lows as investors took risk off. This also puts the airline in negative territory for the year by almost 4%.
Southwest Airlines (NYSE: LUV) was hurt the least today as they are a domestic carrier and are not directly exposed to the Trump ban. Shares were only off 0.66% today but remain just off yearly highs. Shares of the airline are up over 4% on the year despite the news.
Transocean (NYSE: RIG) suffered a sharp decline of 7.05% today as oil, and the oil services sector was quite weak. Shares sunk to a new, two month low on above average volume. The selloff today was considers especially weak as shares closed near the low of the session.