Wall Street closes the day with losses pressured by pharma and bank stocks
U.S. stocks finished the day in the negative area for the third time in four days led by the poor performance of healthcare and financials.
President Donald Trump tweeted that he was working on a new system where there will be competition in the drug industry and the prices for the American people will come way down. The S&P 500 healthcare index .SPXHC dropped 0.55% having the worst performance in more than five weeks. Furthermore, Financials .SPSY dropped by 0.3%, led by JPMorgan and Wells Fargo.
Forex today: US dollar and U.S. rates higher on Fed expectations
“Financial market sentiment behaves like a boat tacking into a moderate headwind: progress is being made, albeit choppily,” Kit Juckes, a London-based global strategist at Societe Generale SA, wrote in a note. “The headwind, of course, is the Fed, and the painfully slow grind higher in rates, especially 10-year Treasury yields.”
DJI was down 27.79 points, or 0.13%, at 20,926.55, the S&P 500 was down 5.68 points, or 0.23%, at 2,369.63 and finally, the Nasdaq Composite was down 9.86 points, or 0.17%, at 5,839.32.
Headlines from the U.S. session
- U.S. trade deficit to weigh on economic growth in the first quarter
- Maintained rig count near all-time high - Saudi OilMin Al-Falih
- US: Consumer credit change below consensus in Jan.
- US NFP preview: Expectations of a solid reading above 200K - Wells Fargo