Concerns about an imminent trade war sent the markets tumbling to a sharply lower open with the Dow plummeting 214 points to 24,394. Nasdaq plunged 81 points to 7099.
On the upside
The Gap (NYSE: GPS) reported better than expected earnings and revenue for the fourth quarter.
Microsemi (Nasdaq: MSCC) will be acquired by Microchip Technology (Nasdaq: MCHP) in a deal valued at approximately $10.15 billion.
Nektar Therapeutics (Nasdaq: NKTR) narrowed losses for the fourth quarter as revenue surged.
On the downside
Foot Locker (NYSE: FL) fell to a loss for the fourth quarter.
JD.com (Nasdaq: JD) reported a loss for the fourth quarter.
Pure Storage (NYSE: PSTG) reported fourth quarter loss.
In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 dropped 19 points to 2,658. Bitcoin tumbled $137 to $10,835.
