Dow Jones Lower, Other Indexes Higher as Inflation Data Incoming
Stock indexes remained mixed at end of trading for Tuesday, with technology stocks and pharmaceutical stocks making the most noise.
The Dow Jones fell slightly but was offset by small gains from other indexes for close of trading Tuesday in a mixed market.
The market is waiting for inflation data to be released on Wednesday, which may move the market erratically once it is announced. That key inflation report is expected to show lower inflation rates. The rate dropped from 3.4% to 3.1% in January, and the report for Wednesday is expected to show that the rate fell to 3.0% or lower.
The Dow Jones moved down 0.25%, while the Nasdaq Composite and S&P 500 indexes ticked up by 0.37% and 0.17% respectively. There were a few major gains and losses across Nasdaq and the S&P 500, primarily in technology and medical stocks that received earnings reports or posted new information about drug trials.
Stocks at a Glance
The internet marketplace eBay climbed 3% following an announcement that the quarterly dividend would increase and the company would put more money into buybacks.
Janux Therapeutics and Viking Therapeutics are both still up above the rest of the market by a longshot. They rose 229% and 121% respectively off the back of good reports from recent trial testing for new drugs. These pharmaceutical companies are the largest movers we have seen in a while for the Nasdaq Composite.
Urban Outfitters fell 10% on the back of its 4th quarter reports tat were weaker than expected. Minerva Neurosciences fell 58% after the FDA declined their request for approval on a new schizophrenia drug. Theirs was one of the biggest losses for the day, and they balanced out other pharmaceutical companies that had posted positive movement for the day.
The upcoming inflation report will focus on both wholesale inventories data and personal consumption expenditure, which are indicators that help the Fed determine how inflation is moving and in what direction.
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