The Dow fell 1.2% on Tuesday, led by a 10% slide in Amgen shares, while the S&P 500 and Nasdaq also finished lower as investors braced for upcoming CPI reports and potential Federal Reserve rate hikes.
The Dow Jones Industrial Average fell 1.2% as broad market sentiment turned negative amid concerns over potential Federal Reserve interest rate hikes. The index was specifically pressured by a 10% decline in Amgen shares and a 4.5% drop in Salesforce, leaving only six of its 30 components in positive territory.
The index fell 1.2% due to broad market declines and poor performance from key components like Amgen and Salesforce.
The S&P 500 finished down 0.6% as investors adopted a more defensive stance, with eight of the 11 sectors ending in the red. The index was particularly weighed down by the health care sector, which saw significant declines from Amgen, Stryker, and Boston Scientific.
The index finished 0.6% lower, impacted by broad sector weakness and specific declines in the health care industry.
Amgen shares dropped 10% after Novartis announced disappointing results for a cholesterol-targeting drug, which negatively impacted investor sentiment toward Amgen's own rival drug program. This decline made Amgen the worst performer in the Dow, S&P 500, and Nasdaq 100.
Amgen shares fell 10% following poor clinical trial results from Novartis for a competing cholesterol treatment.
U.S. markets opened the holiday-shortened week with broad declines as the Dow Jones Industrial Average shed 1.2%. Investors reacted to disappointing clinical trial results from Novartis and Amgen, while broader sentiment remained cautious ahead of upcoming inflation data.
The Dow fell 1.2% primarily due to a sharp 10% decline in Amgen shares following disappointing rival drug trial results and broader market caution regarding potential interest rate hikes.