Stocks moved lower at today’s open as traders held their collective breath ahead of what’s expected to be a dismal earning season, the Wall Street Journal reports. The Dow was down 50 points recently, to 8,548, while the S&P and Nasdaq dipped 0.95% and 0.78% respectively. All eyes are on Alcoa, which will begin earnings season by reporting after the bell today.
Citigroup shares were also sliding, down 8% on news that it could sell a controlling stake in Smith Barney to Morgan Stanley. Abbott Laboratories dropped 0.5% after agreeing to acquire Advanced Medical Optics. Crude oil, meanwhile, fell more than $2, and recently traded around $38 a barrel.