The Nasdaq turned negative at the midday point of a dismal day on the market. The S&P 500 and Down Jones Industrial Average are both falling, 0.7% and 0.6%, respectively, as global headwinds hurt the financial sector today.
The decline of Japan's Nikkei before U.S. markets opened today was a bad omen as European stocks also followed Japan down on Tuesday.
Banking and media stocks are leading the way lower in the U.S.
Bank of America (BAC) continues to fall today, down 0.4% to $12.23 on heavy volume. Bank of America shares have declined 27% year to date amid a wider downturn in the banking sector.
(Vote on weather you think BAC is primed for a rebound or headed lower.)
Media stocks are also facing pressure today following the release of a slew of financial results from heavy hitters like Twenty-First Century Fox (FOXA), Trifecta Stocks holding Walt Disney Company (DIS), and Viacom (VIAB).
Viacom is tanking 15.5% today after reporting mixed December-quarter data. The company topped analysts' bottom-line expectations, but missed top-line forecasts. Viacom reported a 10% decline in first-quarter profit, thanks in part to a $146 million operating loss at its film unit, Paramount Pictures. The movie studio's revenue fell 15% to $612 million during the quarter while theatrical revenue fell 44%.
Twenty-First Century Fox shares are down 2.52% after the company also reported disappointing fourth-quarter results from its film division. Overall, the company reported an 8.4% decline in revenue for the quarter.
Disney shares are down 0.1% ahead of the release of the company's first-quarter fiscal 2016 results after the closing bell today. Analysts are expecting the company to report earnings of $1.44 per share vs. the $1.27 it earned in the year-ago period.
On the positive side, Kinross Gold Corp (KGC) shares are up on more than double its average volume after analysts at Credit Suisse upgraded the stock to Outperform from Neutral while also raising its price target to $2.75 from $2.25.
Finally, shares of Netflix (NFLX) are up after the company's price target was raised to $112 by analysts at Trefis today. The firm sees greater potential in the company's global expansion plan.