Baxalta Rejects Shire Offer; Stocks Slip in Volatile Session

Baxalta (BXLT) shares were on watch after the company rejected an unsolicited offer from Shire (SHPG). Execs said the $30 billion offer undervalued the company. Volatility returned to markets ahead of Friday's jobs report. Investors have been skittish as each new piece of data is scrutinized over as to what it means for the Federal Reserve's rate hike plans. If it were up to Dennis Lockhart, President of the Atlanta Fed, that hike would happen sooner than later. In comments Tuesday afternoon, Lockhart said it would take substantially weaker data to change his mind on a near-term increase. Declines for Apple (AAPL) dragged on the Dow after shares of Wall Street's largest company fell further into correction territory.