The averages searched for direction in the early going as investors continued digesting yesterday's rate hike and accompanying messages from the Fed, but once the selling began in earnest it didn't let up virtually at all until the afternoon. A standoff regarding government funding continues, as President Trump said he would not sign the version of the spending bill that passed the House due to his concerns that it fails to address border security. With today's slide the Nasdaq entered a bear market, meaning a drop of 20% from its highs, for the first time since 2011.
ECONOMIC EVENTS: In the U.S., initial jobless claims rose 8,000 to 214,000 in the week ended December 15. The Philly Fed fell to a 2-year low of 9.4 in December, down from 12.9 in November.
In White House news, Speaker of the House Paul Ryan announced that President Trump said he will not sign the existing funding bill due to his concerns that it does not addres border security. The Speaker noted that a revised funding solution is being worked on in an effort to avert a government shutdown.
Outside of the U.S., the BOJ and BOE announcements were nonevents, as both Japan's and England's central banks left rates and their bond buying programs unchanged.
COMPANY NEWS: Altria Group (MO) announced a $12.8B investment in JUUL Labs, which it called "the U.S. leader in e-vapor." Altria's investment represents a 35% economic interest in JUUL, valuing the company at $38B.
Shares of Walgreens Boots Alliance (WBA) slipped 5% after the pharmacy giant reported better than expected first quarter earnings and in-line revenue. The company also backed its full-year profit forecast and announcing a "transformational" cost management program intended to annual cost savings in excess of $1B by the end of the third year. Also sliding after its earnings report and guidance was Conagra (CAG), which was down 16.5%.
Tilray (TLRY) rose 10.3% in New York trading after the company last night announced a partnership to research non-alcohol beverages containing tetrahydrocannabinol and cannabidiol with brewing giant AB InBev (BUD).
Apple (AAPL) lost another patent ruling to Qualcomm (QCOM), this time in Germany. CNBC reported that the second injunction against Apple bans the company from selling some of its iPhone modles in Germany that use chips from Intel (INTC) and parts from Qorvo (QRVO). Apple told Bloomberg that it is disappointed in the German court's patent ruling and will appeal, but also said that its iPhone 7 and 8 models won't be sold in German stores, according to the news service.
Meanwhile, shares of Campbell Soup (CPB) were 2.6% lower after Reuters reported that the company is close to naming former Pinnacle Foods CEO Mark Clouse as its new chief executive.
MAJOR MOVERS: Among the noteworthy gainers was Agenus (AGEN), which surged 23.4% after it entered an immuno-oncology partnership with Gilead (GILD). Also higher was Sanderson Farms (SAFM), which gained 6.8% after reporting quarterly results.
Among the notable losers was DBV Technologies (DBVT), which plunged 59.3% after it decided to voluntarily withdraw its application for Viaskin Peanut following advisory talks with the FDA. Shares of rival Aimmune (AIMT) rose 15.5% after the news. Also lower was REV Group (REVG), which dropped 22.9% after reporting quarterly results.
INDEXES: The Dow fell 464.06, or 2%, to 22,859.60, the Nasdaq lost 108.42, or 1.63%, to 6,528.41, and the S&P 500 declined 39.54, or 1.58%, to 2,467.42.
