Stocks experienced a decline on Tuesday after coming off their first losing week in over a month, with traders closely examining the latest earnings reports.
The Dow Jones Industrial Average fell by 68 points, or 0.2%, while the S&P 500 and Nasdaq Composite both decreased by 0.3% and 0.4%, respectively.
These movements come after a week of losses on Wall Street, triggered by economic data that raised concerns about the Federal Reserve’s potential delay or reduction in cutting interest rates this year.
Financial stocks were in focus on Tuesday following news of Capital One Financial’s acquisition of Discover Financial Services in an all-stock deal valued at $35.3 billion. The deal is expected to be finalized in late 2024 or early 2025, causing Capital One’s stock to drop by 5.2% and Discover’s to soar by 10.8%.
Source (CNBC)
