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Stocks tank on broad selling after ECB action, Yellen comments

Stocks tanked on broad selling during a volatile trading day. After starting in the green, markets moved into the red following the ECB cutting rates and Fed Chair Janet Yellen's testimony in front of lawmakers.

Among the big losers were healthcare, energy, and technology as investors fled to the safety of sectors like consumer staples, utilities, and telecom.

We also had some big news from Uber late in the day, as Bloomberg reported the ride-hailing service raised $2 billion in new funding on the way to a $61 billion valuation.

Winners and Losers

Let's take a look at some of the individual winners and losers from today's session. Among the many stocks in the red were Chesapeake Energy (CHK), Box (BOX), and PVH Corp (PVH)—the clothing company behind Tommy Hilfiger, Calvin Klein, and Izod, slipping after cutting sales guidance due to the impact of the strong U.S. dollar.

Today's short list of winners include Avago Technologies (AVGO), Costco (COST), and Kroger (KR)—the largest US supermarket chain jumping higher after reporting an earnings beat and comparable sales growth of 5.4% year over year.

Looking ahead

  • The big one: the jobs report will be coming out at 8:30 a.m. Will we see the growth needed for Janet Yellen to pull the trigger on rates?
  • Sticking with the jobs report, we'll dig deeper into the data looking into why wages and the labor force participation rate haven't picked up despite a string of strong reports.
  • And Janet Yellen's counterpart, Mario Draghi at the ECB, holds court at the Economic Club of New York tomorrow, giving a highly-anticipated speech.