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.
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.