U.S. stocks tumbled on Tuesday, a day after the S&P 500’s biggest drop in a month, as Treasury yields climbed and investors considered when the Federal Reserve would start raising interest rates.
“It’s a gigantic company, roughly three to four percent of the S&P 500,” Mark Luschini, chief investment strategist at Janney Montgomery Scott, said of the potential impact on the broad market.
“That said, today’s announcement is certainly company specific, it’s not enough to shift macro fundamentals of the U.S. economy or to make any generalizations about U.S. corporate profits,” Luschini added.
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