European stocks staged a late rally to pare losses at the end of the trading day, but back stateside stocks haven't seen much of a bounce. As of 12:30 p.m. EDT the Dow Jones (INDEX: ^DJI ) is down 1.07% while the S&P 500 (INDEX: ^IXIC ) is sitting on losses of 0.94%.
The Dow's suffering thanks to troubles in the banking sector and concerns in Europe. However, looking at the S&P 500, we see the Supreme Court's decision to uphold Obama's health-care plan as the driving factor in today's big movers. Let's check in on what stocks are making waves today.
The Dow's losers
As of this writing, all 30 Dow stocks are in the red. JPMorgan leads the losers, down 4.3%, amid reports that recent trading losses continue to balloon. Originally pegged at about $2 billion, The New York Times writes that losses have swelled and could reach $9 billion.
Looking past the banking sector, tech is getting hammered today. Microsoft (Nasdaq: MSFT ) , Intel, and Cisco (Nasdaq: CSCO ) are among the worst six performers on the Dow. Heavy exposure to Europe can't help. In Microsoft's case, since piracy runs rampant in emerging markets seeing wider PC adoption -- which leads to consumers using illegal copies of Office and Windows -- it could feel the pain if Europe slows down. Across the continent, strong protection of intellectual property helps curb piracy of Microsoft's products.
In Cisco's case, the company has been dealing with slowdowns from the public sector for over a year now. First it was centered in the United States, but now the company could be looking at more problems in Europe. Beyond public sector spending, if companies across the continent are cutting spending, a quick item to ax in IT budgets is costly hardware upgrades.
Big action in the S&P
Looking beyond the Dow, the biggest drops in the S&P 500 include not only Dow-component JPMorgan, but also WellPoint and Cigna. Obama's health-care plan involves restrictions on the insurers involving overhead costs and their ability to deny coverage based on pre-existing conditions. However, insurers now have a larger market that's compelled to buy insurance thanks to the individual mandate.
Today's biggest dropper
Tahoe Resources (Nasdaq: TAHO ) is down 26% after mineweb.com said the Guatemalan president is proposing a constitutional change that would allow the country to acquire 40% of companies with natural resource projects in the country. The report is sourced from a local newspaper, and for its part Tahoe has denied being contacted about any proposals in the country. Tahoe has its Escobal silver mine being developed in the country. If you're a Tahoe shareholder, be aware of the unconfirmed nature of the report, but definitely keep an eye on the situation.
The Foolish bottom line
Many of today's stocks are dropping, but remember that a one-day drop doesn't define a company. With Intel, Microsoft, Cigna, and WellPoint all trading in or near the single digits, for investors who have patience and do their research, there could very well be opportunity.
Take the long-term view
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