Overview

• US equities struggle to find footing in the new year, with the S&P 500 marking its third straight day of declines.
• Receding oil prices provide a boost for travel stocks, with gains for cruise operators and airlines.
• Walgreens Boots Alliance shares tumble after the company slashes its dividend, despite better-than-expected quarterly results.
• APA Corp. announces acquisition of competitor Callon Petroleum for $4.5 billion in an all-stock transaction, but shares drop 7.3%.
• Despite losses, market strategists remain optimistic for the rest of the year, with expectations of a better-than-expected earnings season driving potential gains.