“There’s a lot more risk to the downside,” Landesman said. “I don’t think things are that robust out there.”
Among stocks making big moves:
— FedEx shareholders were happy about expanded stock buybacks. FedEx’s stock rose $4.71, or 4 percent, to $120.08.
— Charles Schwab rose $1.02, almost 5 percent, to $23.03 after the brokerage company said its quarter profit rose 19 percent as trading and interest revenue increased.
— Advertising company Omnicom Group reported adjusted results and revenue that were higher than analysts had expected. Its stock rose $1.01, almost 2 percent, to $64.96.
Parts of the bond market have started to show signs of stress.
The yield on the 10-year T-note rose to 2.73 percent from 2.69 percent on Friday. Bond trading was closed Monday for Columbus Day. Yields on three-month and six-month T-bills also rose.
The yield on the one-month T-bill nearly doubled in only a few hours, going from 0.18 percent early Tuesday to 0.34 percent by the afternoon. It’s considered to be the T-bill most likely to be affected by a federal government default. Money market funds owned by Fidelity and JPMorgan Chase & Co. have been selling off their one-month T-bill holdings to limit their exposure to the security.
The price of oil fell $1.20 to close at $101.21 as negotiations over Iran’s nuclear abilities began.