Wall Street's retreat from records accelerated through this morning on rising geopolitical tensions involving North Korea. Closer to home, President Trump has signed his second iteration of a controversial travel ban. Factory orders in January came in stronger than expected, a sign the U.S. manufacturing sector continues to improve from weakness last year. Orders rose by 1.2%, 100 basis points above estimates. Deutsche Bank (DB) slumped after announcing plans to raise around $8.5 billion from shareholders. This marks the fourth time since 2010 that the bank has sought to increase capital. Citi raised Apple's (AAPL) price target and maintained its buy rating. Analysts said the expected iPhone 8 should drive sales and earnings growth in the second half of the year.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.