U.S. stocks stumbled out of the gate Thursday amid unease over global growth prospects, and as investors continue to sift through a steady stream of corporate earnings.
What are major indexes doing?
The Dow Jones Industrial Average DJIA, -0.92% fell 188 points, or 0.7%, to 25,208, while the S&P 500 index SPX, -1.06% was off 20 points, or 0.7%, to 2,712. The Nasdaq Composite Index COMP, -1.21% fell 71 points, or 1%, at 7,303.
What’s driving the market?
Concerns over global growth have moved to the fore Thursday, after a round of weak data from the European Union underscored concerns that slowing growth in China has washed up on the shores of the EU.
German industrial production unexpectedly fell by 0.4% in December from the month before, reinforcing concerns over the health of the eurozone’s largest economy. Meanwhile, the European Commission cut its growth forecast for the shared currency bloc, Thursday, predicting that the 19 member countries will collectively grow by just 1.3% this year, down from the 1.9% forecasted in November.
Federal Reserve Chairman Jerome Powell, in a town hall appearance Wednesday night, said his goal was for the central bank to earn the public’s trust. The comments came as the Fed chief faced criticism for his dinner on Monday with President Donald Trump, which some said gave the appearance of White House influence over policy as it came soon after the central bank unexpectedly shifted to a more dovish stance.
Meanwhile, investors will continue to digest another round of corporate earnings, with large-cap names like Fiserv Inc. FISV, -1.24% and Expedia Group Inc. EXPE, -0.34% set to report earnings after the market close Thursday.
What shares are in focus?
In deal news, SunTrust Banks Inc. STI, +6.95% and BB&T Corp. BB, -1.68% announced they will