Oil Spike and Amgen Plunge Drag Wall Street Lower
IXIC sits 28% above its 52-week low of $20,690.249 on light trading volume (0.4× avg).
Summary
Stocks are broadly lower Tuesday as a sharp rise in crude oil prices, driven by escalating Middle East tensions, weighs on sentiment. The Dow is down 568.96 points (1.1%) at 52,845.29, while the Nasdaq is off 67.42 points (0.3%) at 26,439.57 and the S&P 500 is down 26.18 points (0.3%) at 7,692.42. The oil spike follows U.S. strikes on three Iranian crude oil carriers over the weekend, with Iran threatening retaliation and a potential Oman deal to manage Strait of Hormuz shipping. Adding to the pressure, Amgen is plunging nearly 9% after Novartis reported disappointing late-stage trial results for a rival cholesterol drug, dragging the pharmaceutical sector down 2.6%. Traders are also positioning ahead of key U.S. inflation data later this week, which could shift rate expectations before the Fed's next meeting.
Updates
· dpa-AFX — The Dow closed down 628 points (1.2%), the S&P 500 lost 0.6%, and the Nasdaq slipped 0.3%. Amgen plunged over 10%, and the pharmaceutical sector dropped 3.2%. The 10-year Treasury yield rose 2.2 bps to 4.806%.
At the time of this announcement, IXIC was trading at $26,456.94 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.