Stocks spiral lower after Trump announces tariffs on steel, aluminum imports

President Trump says broad and stiff tariffs on imports of steel and aluminum are coming next week. The news sends stocks spiraling lower. Yahoo Finance’s Jen RogersRick Newman and Myles Udland discuss the top stories of the day.

Box is down after the cloud services company beat analyst expectations. However investors are concerned about the company’s projections for this quarter and the rest of 2018. Equifax is down. The credit reporting agency now says an additional 2.4 million Americans were affected by last year’s data breach. That’s in addition to the original 145.5 million who had their Social Security numbers stolen last year. And shares of Monster Beverage are down sharply. The beverage maker took a big hit today after missing quarterly estimates.

Shares of Newell Brands are jumping. Billionaire Carl Ichan told CNBC he has a large position in the Rubbermaid parent and thinks the stock is “undervalued.” Icahn just the latest activist investor interested in Newell. Starboard Value and Martin Franklin are also bidding to reform the company. Sotheby’s is also having a big day. Shares are jumping after the auction company’s fourth-quarter results beat estimates. And finally, it’s a big day for Best Buy. The electronics retailer reported better-than-expected fourth-quarter results. The company also announced it’s raising its dividend.