Wall Street succumbs to rising bond yields, sinking health stocks

Reuters

US stocks opened lower for a second straight day on Tuesday, with the Dow down about 250 points, weighed down by a rise in bond yields and a drop in shares of healthcare companies.

Shares of healthcare-related companies dropped after Amazon.com, Berkshire Hathaway and JPMorgan said they plan to form a venture aimed at lowering healthcare costs for their US employees.

USA stocks closed lower on Tuesday as the first major sell-off this year intensified. The Dow closed off about 362 points, or 1.4% at 26,076, marking its steepest daily percentage drop since May. The S&P 500 fell 0.7% to 2,834, while the Nasdaq Composite lost 0.8% to 7,403.

MetLife dropped 8.7 percent after saying the USA financial regulator is looking into the insurer's failure to pay some workers' pensions.

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Harley-Davidson's stock fell sharply (-8.05 percent) after reporting its quarterly earnings and plans to close a factory in Kansas City, Missouri.

Apple Inc AAPL.O declined for a second day, falling 0.6 percent on news that the U.S. Department of Justice and the Securities and Exchange Commission are investigating the company's disclosure that it slowed older iPhones with flagging batteries. Market expectations for a rate hike are 5.2 percent, according to the CME Group's FedWatch tool. Chevron (NYSE:CVX) was down 2.5%.

The market selloff came on the heels of President Trump's first State of the Union address Tuesday evening.

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