Stocks Slide as Boeing Drags Down Dow, Judge Blocks JetBlue-Spirit Deal
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US stocks stumbled on Tuesday, with the Dow shedding 230 points as Boeing dragged down the index. Banks including Goldman Sachs and Morgan Stanley reported mixed earnings.
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A federal judge blocked the proposed $3.8 billion merger between Spirit Airlines and JetBlue due to antitrust concerns, sending Spirit shares down 47%.
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Oil futures were volatile amid Middle East tensions and cold US temperatures, with WTI crude settling slightly lower and Brent rising.
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Small caps have been rallying hard, and investor sentiment around their outlook vs large caps has reached the most bullish point in nearly 3 years.
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Manufacturing activity in New York state plunged in January to the lowest level since May 2020 based on the NY Fed's Empire State survey.