What's moving markets today

5:43 p.m. ET, February 21, 2019

US bank profits reached record highs in 2018

The numbers are in: American banks insured by the FDIC earned $236.7 billion in 2018, according to the agency. That's a 44% increase (!) compared to the previous year and an all-time high.

The context: US banks minted money last year thanks to corporate tax cuts and a healthy economy that boosted lending.

"The current economic expansion is the second-longest on record, and the nation's banks are stronger as a result," FDIC Chairman Jelena McWilliams said in a statement.
4:11 p.m. ET, February 21, 2019

Gloomy economic numbers rattle Wall Street; Dow falls 104 points, Nasdaq's eight-day win streak ends

A string of weak economic reports caused a bit of anxiety on Wall Street on Thursday.

  • The Dow fell 104 points, or 0.4%
  • The Nasdaq declined 0.4%, snapping an eight-day winning streak, its longest since August
  • The S&P 500 lost 0.4%

The negative tone was set by gloomy US reports on durable goods orders and manufacturing activity in the Philadelphia region. Another report showed that existing home sales declined in January.

Tesla (TSLA) declined 4% after Consumer Reports said it can no longer recommend the Model 3 due to glass defects and other issues.

Nike (NKE) dipped 1% after Duke University basketball star Zion Williamson was injured when his sneaker came apart.

Concho Resources (CXO) dropped 8% after the oil and gas explorer posted disappointing earnings. 

12:53 p.m. ET, February 21, 2019

Lawmaker blasts Google’s failure to disclose Nest microphone

An undisclosed built-in microphone in Google's Nest Guard home security device has caught the attention of at least US lawmaker.

Senator Mark Warner (D-VA), vice chair of the Senate Intelligence Committee, blasted Google’s omission, saying it's "totally at odds with consumer expectations."

He added:

The suggestion that consumers ‘don’t care about privacy’ has been increasingly disproven as we learn that consumers and policymakers have been kept in the dark for years about data collection and commercialization practices."

Google previously told CNN Business that the microphone "was never intended to be a secret and should have been listed in the tech specs."

CNN's Kate Trafecante contributed to this report.

12:25 p.m. ET, February 21, 2019

Stocks are negative at midday; Dominos plunges on poor earnings

The markets are moving lower as investors wait for any new developments on a trade agreement between the United States and China. Here's where they stand:

  • The Dow is off 100 points.
  • Nasdaq slipped 0.35%.
  • S&P 500 slid 0.30%.

Today's movers:

  • Dine Brands (DIN) is up more than 10% after strong earnings bolstered by its Applebee's and IHOP restaurants. The stock is up a staggering 50% for the year.
  • Norwegian Cruise Line (NCL) shares are up 4% after beating on earnings. The stock is up more than 30% for the year.
  • Domino's Pizza (DPZ) extended its losses even further — it's now down nearly 10%. The pizza chain missed analyst expectations.
  • Nike shares are still down 1.5% after an embarrassing incident.
10:10 a.m. ET, February 21, 2019

Another economic indicator drops into negative territory

This time it's from the Philly Fed. Newly released data came in lower than expected, according to our Matt Egan:

Despite the sudden drop, a Barclays analyst note said the lower data is a result of last month's partial government shutdown. The note adds:

If so, we would expect a rebound in current business conditions in March amid largely stable forward looking assessments."
9:48 a.m. ET, February 21, 2019

US markets lower as trade talks continue

Wall Street's waiting for news about the latest round of US-China trade talks from Washington.

  • The Dow was down 20 points, or roughly 0.1%.
  • The S&P 500 fell 0.2%.
  • The Nasdaq declined 0.1%.

Domino’s (DPZ) sank 6% after the pizza company missed analyst expectations, a sign that it may be struggling to stay competitive with Pizza Hut and Papa John’s (PZZA).

Shares of Avis Budget Group (CAR) soared 13% after the rental car company reported earnings that were better than expected, suggesting that Uber and Lyft aren’t hurting business that much.

And Johnson & Johnson (JNJ) dipped half a percentage point after the company revealed that it received subpoenas from the US government about allegations that it knew for decades that asbestos was in its baby powder.

9:08 a.m. ET, February 21, 2019

Uber hasn't killed off the rental car industry

Ride-hailing apps, like Uber and Lyft, aren't causing too big of a dent in their older competitors.

Rental car companies Avis Budget Group (CAR) and Hertz (HTZ) are having a good day per our Paul R. La Monica:

Avis' shares are soaring after reporting a better-than-expected earnings report. The stock is up 30% for the year: