US Stocks are losing Strength
It’s midday, and the market is looking a little bleak.
US Stocks are losing Strength,Following a mixed morning in which the Dow managed to stay in the green, all three major market indices are presently trading lower.
The Dow Jones Industrial Average is down 0.4 percent, or 153 points. The S&P 500 is down 0.5%, while the Nasdaq Composite is down 1%. As a result, no new all-time highs are likely to be set today.
The yield on a 10-year US Treasury bond remains roughly steady at 1.35 percent.
US Stocks are losing Strength. Stocks opened in the negative on Tuesday, as the market reopened following the long holiday weekend. Match Group was the first to rise in response to changes in the Stamp ;P 500 index. Netflix soared after a significant price target increase, while Dynavax Technologies soared among the IBD 50. As bond yields rose, financials sprinted to the top of the Dow Jones today.
Shortly after the opening bell, the Dow industrials fell more than 200 points, or 0.55 percent. The S&P 500 index began the day with a 0.3 percent drop. As biotechs came under early pressure and top China companies rallied after two days of strong gains in Hong Kong and Shanghai, the Nasdaq Composite dropped at the open, then battled into close gains on the stock market today.US Stocks are losing Strength.
Visa (V) rose 0.9 percent in heavy action at the top of the Dow Jones today, looking to continue its recovery from 200-day support. Amgen (AMGN) fell 1.9 percent after Morgan Stanley downgraded the stock from overweight to equal weight and lowered its price objective from 280 to 251.
US Stocks are losing Strength.Johnson & Johnson (JNJ) fell 1.5 percent after Morgan Stanley reduced its overweight rating to equal weight. Morgan Stanley maintained its 187 price objective on J&J stock. That’s around 7% higher than the previous day’s close. MerckMRK, a Dow Jones firm, and Vertex Pharmaceuticals were also downgraded by the brokerage (VRTX).