The daily business briefing: February 21, 2018
Walmart stock takes its biggest dive in 30 years, Trump expands access to non-ObamaCare health insurance plans, and more


1. Walmart stock dives as profits and online sales fall short
Walmart's stock plunged 10 percent lower on Tuesday, its biggest one-day dive in 30 years, after the giant retailer reported profits that fell short of expectations, and a slowdown in online sales growth in the quarter including the crucial holiday season. Walmart's decline dragged down U.S. indexes, breaking a six-day string of gains. Grocery store chains, retailers, health-care companies, and industrial stocks all lost ground. "Investors have been lulled into a false sense that stock markets are not volatile," said Doug Cote, chief market strategist for Voya Investment Management. "Last week was one of the best weeks in years, and as we go back to normal volatility, you're going to see what you would expect: normal ups and downs."
2. Trump administration expands access to non-ObamaCare health insurance plans
The Trump administration on Tuesday eased restrictions on health insurance plans sold outside ObamaCare. The proposed rules would allow people to buy short-term, less comprehensive health insurance for up to 12 months, rather than the three-month limit set by the Obama administration. Republicans say people need alternatives to the high-cost plans offered under the health law. With the short-term plans, insurers can charge more for people with pre-existing conditions, and they can deny some services required to be covered under ObamaCare. "The status quo is failing too many Americans who face skyrocketing costs and fewer and fewer choices," Health and Human Services Secretary Alex Azar said in a statement. Democrats said the move was just the latest in a series of GOP efforts to "sabotage" the health law.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Eurozone business activity cools
Business activity in the 19-country eurozone cooled in February but remained near decade highs, according to a closely watched economic survey released Wednesday by financial information firm IHS Markit. The purchasing managers' index, which tracks activity across manufacturing and services, fell to 57.5, down from January's 58.8, a 12-month high. Any number above 50 indicates economic growth. The European Central Bank looks at the monthly survey when it sets policy. IHS Markit's chief business economist Chris Williamson said the region appears headed for quarterly growth of 0.9 percent.
4. Stock futures inch down ahead of Fed minutes
U.S. stock futures edged lower early Wednesday as investors braced for the release of the minutes from the Federal Reserve's January policy-setting meeting. Analysts say the minutes could provide glimpses of Fed officials favoring a more aggressive approach to raising interest rates as the economy heats up and the central bank unwinds its effort to boost the economy after the Great Recession. Fear of faster rate hikes has fueled the recent volatility of the stock market, because higher interest rates can lure money out of the stock market. The Dow Jones Industrial Average is down 4.5 percent in February.
5. Donald Trump Jr. calls suggestions of profiteering 'nonsense'
Donald Trump Jr. said Wednesday that it is "nonsense" for critics to suggest that his family is profiting from his father's presidency. Trump Jr., President Trump's eldest son, has faced allegations of conflicts of interest as he visits India to promote a new Trump Tower project. He plans to make a foreign policy speech, and buyers of Trump-branded luxury homes have been promised an opportunity to attend a dinner with him. Trump Jr., who has run the Trump Organization with his brother Eric since President Trump took office, said allegations of "profiteering" are unfair, because the family's critics are overlooking "the opportunity cost of the deals that we were not able to do."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Labubu: the 'creepy' dolls sparking brawls in the shops
In the Spotlight Craze for the pint-sized soft toys has reached fever pitch among devotees
-
The top period dramas to stream now
The Week Recommends Heaving bosoms and billowing shirts are standard fare in these historical TV classics
-
Women need more pain management during gynecological procedures
Under the radar Pain should no longer be ignored
-
What happens if tensions between India and Pakistan boil over?
TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical