Midday Report: Citi Backs Apple Buy Rating; Deutsche Bank Drags on Financials

Wall Street's retreat from records accelerated through this morning on rising geopolitical tensions involving North Korea. Closer to home, President Trump has signed his second iteration of a controversial travel ban. Factory orders in January came in stronger than expected, a sign the U.S. manufacturing sector continues to improve from weakness last year. Orders rose by 1.2%, 100 basis points above estimates. Deutsche Bank (DB) - Get Report slumped after announcing plans to raise around $8.5 billion from shareholders. This marks the fourth time since 2010 that the bank has sought to increase capital. Citi raised Apple's (AAPL) - Get Report price target and maintained its buy rating. Analysts said the expected iPhone 8 should drive sales and earnings growth in the second half of the year.