Stocks took a dive at the open, following big losses in Europe and more lousy earnings reports, the Wall Street Journal reports. The Dow tumbled 210 points to below 8,000, while the Nasdaq and S&P dove 2.1% and 2.6% respectively. Financials came under renewed pressure, with Capital One plunging 21% after announcing that it expects the economy, and its losses, to worsen this year.
The credit card-issuer expects unemployment to hit 8.7%, up from the current 7.2%, and home prices to shed another 10%. Outside of financials, Xerox issued a pessimistic outlook, and saw shares fall 7%. Advanced Micro Devices likewise dipped 4% after an earnings miss. And Harley-Davidson tumbled 10% after announcing job and production cuts. GE’s earnings hit the bottom end of its guidance, but shares still fell 6.6%