US stocks tumbled on Tuesday, with the S&P 500 and the Nasdaq on track for their worst day in one month, after Alcoa kicked off the earnings season on a dour note.Alcoa's shares fell almost 11 percent, their worst day in five years after the aluminum producer reported quarterly revenue and profit that fell short of the market's expectation.
Shares of LPL Financial Holdings Inc. Markets have proven imperfect in assessing past election outcomes, with the S&P 500 plunging between 2 percent and 5 percent on the days after victories by Barack Obama, a president who has presided over the second-longest bull market in USA history.
On Monday, oil rallied on bullish comments from Saudi Arabia's energy minister and Russian President Vladimir Putin. The Nasdaq-100 index finished up 0.6% at a closing high of 4,893.77. Crude oil prices fell more than 1% Tuesday after the International Energy Agency (IEA) reported another month of record production from the Organization of the Petroleum Exporting Countries (OPEC). The business conditions index rose 1 point to 8.
Alcoa slumped 11.4 per cent missing earnings-per-share expectations and offering a lackluster forecast for its value-added aluminum businesses, which will be renamed "Arconic" when the company splits in two on Nov 1.
Shares of oil and gas companies also declined as Brent crude oil pulled back 0.6% to $52.86 a barrel.
Overall earnings of the S&P 500 companies are expected to fall 0.7 per cent in the third quarter, the fifth straight quarter of decline, according to Thomson Reuters data.
Investors are also seeking clues on the health of corporate American, as Alcoa Inc. unofficially kicks off the next earnings season on Tuesday. "The drivers today and going forward are going to be earnings". "As we get closer to the rate hike the question is will valuations come under pressure and it really comes down to whether earnings can drive the market higher and so the upcoming earnings season is quite timely to give us a sense on that".
Ukip rivals went in to clear the air... then came out fighting
He thanked hospital staff and his fellow UKIP Members of the European Parliament via Twitter for their care. UKIP's only MP in the British parliament Douglas Carswell said he was "apalled by the reports".
Jacques Talk: Local businesses say no way to losing LSU home game
Also, if Tennessee loses to Alabama this weekend, the Gators could win the SEC East by default even though they lost to the Vols. That leaves December 3 as the only realistic makeup date that wouldn't require other schools to move their games.
Logano snatches win away from Larson in Xfinity Series
Kevin Harvick won the pole Thursday night for Sunday's Cup race, while the lineup for the Xfinity race was set per the rulebook. Both Sprint Cup practice sessions scheduled for Friday were cancelled because of steady rain from Hurricane Matthew.
Economic news: There were no top-tier USA economic releases due to hit on Monday, as government workers got a holiday for Columbus Day.
Minneapolis Federal Reserve President Neel Kashkari is scheduled to speak at 11:00 a.m. ET (1500 GMT).
Bristol-Myers Squibb Co.(BMY) shares dropped 10% after competitor Merck & Co.(MRK) announced positive results for a rival lung-cancer drug (http://www.marketwatch.com/story/bristol-myers-stock-drops-nearly-9-after-merck-announces-positive-lung-cancer-drug-results-2016-10-10).
US -listed shares of Royal Bank of Scotland PLC (RBS.LN) (RBS.LN) fell 2.2% in the wake of reports showing the bank pushed businesses into default (http://www.marketwatch.com/story/rbs-shares-fall-on-report-showing-bank-pushed-businesses-into-default-2016-10-10).
On the economic front, German investor sentiment climbed at a faster-than-expected pace in October to its highest level in four months, the results of a survey by the Centre for European Economic Research/ZEW showed.
-Victor Reklaitis in London contributed to this article.