Stocks slide ahead of expected sweeping Dodd-Frank overhaul

Traders and financial professionals work ahead of the opening bell on the floor of the New York Stock Exchange (NYSE), April 5, 2018 in New York City. After a chaotic trading day on Wednesday, the Dow opened up over 150 points on Thursday morning. Markets continue to be on edge due to concerns over a potential trade war between the U.S. and China.

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Traders and financial professionals work ahead of the opening bell on the floor of the New York Stock Exchange (NYSE), April 5, 2018 in New York City. After a chaotic trading day on Wednesday, the Dow opened up over 150 points on Thursday morning. Markets continue to be on edge due to concerns over a potential trade war between the U.S. and China.
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Drew Angerer/Getty

Stocks fell Tuesday ahead of a House vote on Dodd-Frank and as markets ready for the release of Federal Reserve meeting minutes. The dollar fell, and the 10-year held comfortably above 3%.

Here’s the scoreboard:

Dow Jones Industrial Average: 24,835.58 −177.71 (-0.71%)

S&P 500: 2,725.36 -7.65 (-0.28%)

AUD/USD: 0.7575 -0.0010 (-0.13%)

ASX 200 SPI futures: 6,041.0 -39.5 (-0.65%)

  1. Congress is set to pass a sweeping rollback of post-financial crisis regulations. Regional bank shares rallied ahead of a House vote on the bill, which is expected to easily pass, with Fifth Third Bank gaining nearly 4%.
  2. China is sharply cutting import tariffs on automobiles. The Finance Ministry announced it will lower import taxes on most vehicles to 15% from 25% starting July 1. Still, Trump is reportedly unsatisfied with the deal.
  3. Trump cast doubt on a planned summit with North Korean lead Kim Jong Un. In the Oval Office with South Korean President Moon Jai-in, Trump said there’s a “substantial” chance the June 12 meeting won’t happen.
  4. OPEC is reportedly considering easing oil supply cuts in June. Reuters first reported the cartel could ramp up production as Iran and Venezuela face potential supply disruptions. West Texas Intermediate, the US benchmark, shed session gains following the news.

Here is the upcoming economic calendar:

  • New Zealand trade numbers cross the wires.
  • The UK reports inflation data.
  • FOMC meeting minutes are due out.
  • Weekly US crude output data is released.