NEW YORK (CNNMoney)
A Malaysian Airlines jet reportedly crashed in Ukraine. The airline has confirmed that it lost contact with the plane in Ukraine, near the Russian border. Many European markets are now down more than 1%, gold is jumping up and U.S. markets are sliding as well.
The Dow is down around 60 points (0.35%) after dipping as far as 90 points down. The S&P 500 is off about 0.6%, and the Nasdaq is hanging around negative 0.8%.
As further indication of the market jitters, gold prices ticked 1.5% higher, and the VIX index, a measure of market volatility that's sometimes called the "Fear Gauge" The VIX "Fear Gauge" is about 17% higher.
Here are the other things to watch in today's trading:
1) Tech Movers: Microsoft (MSFT, Tech30) announced a staggering 18,000 job cuts to come this morning. The move signals that new CEO Satya Nadella means business about turning around the computing giant. Most of the cuts are coming from the Nokia brand, but some of the bleeding will come from Microsoft proper. The stock is up about 0.7%.
Related: Layoffs part of "culture change" at Microsoft"
In other tech news, flash drive maker Sandisk (SNDK) is getting hammered to the tune of an 13% drop heading into lunch. The company beat on earnings and revenue this quarter, but that wasn't enough to satisfy Wall Street. It said in an earnings release that it brought in a record $1.6 billion in revenue for the quarter, but its margins are shrinking.
Related: Compare Microsoft and Sandisk to CNNMoney's Tech30
2) Playtime less fun at Mattel: Barbies and Hot Wheels aren't entertaining kids like they used to. Mattel saw tepid growth that was far less than Wall Street was expecting. The stock has fallen 6% so far today.
One bright spot for the company is American Girl doll sales, though it's a small part of the company's business.
Related: Trouble in Toy Land for Mattel
3) No Hangover for Time Warner: After rejecting an $80 billion bid from Rupert Murdoch's Twenty-First Century Fox (FOX), Time Warner (TWX) saw its 17% jump in yesterday's trading. Investors don't think that will be the end of things. The stock is up another 3.5% today. Fox shares are flat.
Related: Rupert Murdoch wants Time Warner for size, sports and ego
4) Health care hullabaloo: Insurer UnitedHealth Group (UNH) put out good results for the quarter, with earnings and revenue that beat expectations in all categories based on growth from all its business units and higher enrollments. The stock is up 3.3%.
A host of other insurance stocks are also up today. Humana (HUM) is up 3.7%, Aetna (AET) is up 2.4% and WellPoint (WLP) shares are trading 2% higher.
5) Things looking good for banks: Morgan Stanley (MS), the last big American bank to report earnings this quarter, did better than Wall Street was expecting. It beat estimates for both earnings and revenue on the back of a strong performance from its units in stock trading and investment banking. The stock is up about 1%.
Related: JPMorgan, Goldman Sachs smiling today
Rebounding bank performance is a good sign for the economy. Solid economic data also keeps rolling in for the U.S. On Thursday, initial jobless claims were once again lower than expected, coming in at 302,000.
6) Overseas markets: Russian sanctions and possibly worries about the crash are fueling a sell-off in European stocks. The FTSE 100 is down about 0.7%, and the German Dax is off more than 1%. The Russian RTS index is down just less than 4%.
Asian stocks ended the day mixed, though Taiwanese stocks fell more than 0.8%. Oil is also ticking higher since some of sanctions impacted a Russian energy company.
First Published: July 17, 2014: 10:08 AM ET
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