Yahoo Finance Worry growing on Wall St. as financials sell off
Worry is gripping Wall Street as the financials sell off, lead by troubled Deutsche Bank. We break down what could be next for this on-edge market. Catch The Final Round at 4 p.m. ET with Jen Rogers, markets correspondent Nicole Sinclair and reporter Jared Blikre.
Winners and losers
Stocks in the red today include Intra-Cellular Therapies after disappointing results for its lead drug, a schizophrenia treatment; FitBit after Pacific Crest downgraded it based on slow sales of the new FitBit Charge 2 wearable; and Mylan, with shares dropping after the government revealed the drug maker had improperly classified EpiPens in order to pay lower rebates to state health programs.
Stocks in the green today include NXP Semiconductors on reports that it’s in talks to be acquired by Qualcomm; eBay on a Deutsche Bank upgrade citing upcoming success from the auction site’s branding campaign; and Con-Agra, with investors gobbling up shares of the Chef Boyardee and Hunt’s Ketchup maker after it reported an earnings beat, driven in part by cost cutting.
Rep. John Delaney on Wells Fargo
For more on Wells Fargo and CEO John Stumpf’s testimony on Capitol Hill, we are joined by Democratic Congressman John Delaney, US Representative for Maryland’s 6th District and a member of the House Committee on Financial Services.
Looking ahead
In the morning, we’ll get personal income and outlays for August. The Core PCE figure, the Fed’s preferred measure of inflation, rose 1.6% in the prior month.
We’ll get another important read on the consumer, with the University of Michigan’s Consumer Sentiment Index for September. Recall this week the conference board’s confidence figure was the highest since the recession.
Finally, from Hazeltine National Golf Course in Minnesota, the Ryder Cup, golf’s biennial Europe vs. US golf tournament tees off tomorrow. The US team will feature golf superstars like Jordan Spieth, Phil Mickelson and Dustin Johnson, with the European team anchored by Danny Willett, Henrik Stenson and Rory McIlroy.
