The major U.S. indices are all in red on Tuesday, reversing some of the gains markets experienced in trading on Monday.
The Nasdaq was the biggest lagger midday Tuesday, falling 1% while both the S&P 500 and Dow Jones Industrial Average were both down 0.8%.
Falling Brent crude prices are hurting prices today as the international commodity benchmark reversed its previous gains and fell $1.40 to $33.29 per barrel. West Texas crude prices are still in the green, however, with the commodity trading $1.84 higher to $31.48.
Bank of America (BAC) and Freeport-McMoRan (FCX), two securities that were leading the climb yesterday, are guiding the market lower today.
Bank of America shares are down 3.2% on even volume, reversing the headway banking stocks were making earlier this week. Fellow banking stocks JPMorgan Chase (JPM) and Morgan Stanley (MS) are also falling on even volume today.
Shares of Fitbit (FIT) were down nearly 20% midday following the release of the company's weak first-quarter guidance. The wearable health and fitness technology manufacturer said that its expects first-quarter revenue to range between $420 million and $440 million and earnings per share to be between breakeven and $0.02 per share. Wall Street was expecting the company to report revenue of $484.6 million on earnings of $0.24 per share.
Shares of both Honeywell (HON) and United Technologies (UTX) are falling on heavy volume after the merger talks between the two aerospace industry parts suppliers were broken off. A combination of the two companies would have created an industry leader with annual sales approaching $100 billion. However, regulatory concerns derailed talks between the companies.
On the positive side of the market, Newport (NEWP) spiked over 50% on heavy volume after the advanced technology products supplier announced that it was being acquired by MKS Instruments (MKSI) for $980 million or $23 per share.
Separately, the company also reported its fourth-quarter financial results today, topping analysts' bottom-line expectations. While revenue for the year fell 5.2% year over year and missed consensus estimates.