Amgen Inc. (AMGN) rallied 1.26% on Tuesday along with a handful of Dow Jones Industrials stocks. Nike (NKE) +1.66%, Walgreens Boots Alliance (WBA) +1.10%, and Johnson & Johnson (JNJ) +1.05%, and Verizon Communications (VZ) +0.98% rounded out the top five.
This was Amgen’s sixth consecutive day of gains, with the stock closing just below its 200d moving average.
The S&P 500 Index (SPX) fell 0.58% to 4,100.60, yet big cap technology stocks held up reasonably well.
Apple (AAPL), Microsoft (MSFT) stayed put most of the day, while Meta Platforms(META) edged higher. Alphabet (GOOGL), worked its way higher. Tesla (TSLA) fell back to its 50d moving average, and key support.
Dow Jones Industrials – Healthcare Stocks
Johnson & Johnson (JNJ) rose late after hours as it proposed paying $8.9 billion to settle claims talc products lawsuits. The stock has surged higher over the past 5 trading days.
JNJ stock rose 3% in late trading. Shares climbed just over 1.05%, reclaiming the 50-day moving average. That said, JNJ stock is still trading near a two-year low.
Additional stocks in the pharmaceutical sector rallied as well, with Eli Lilly (LLY) and Merck (MRK) gaining on the day as investors seeking exposure to defensive stocks bought shares.
AstraZeneca ADR (AZN) closed just shy of 52-week highs.
Growth overall held up reasonably well, with some software makers such as ServiceNow (NOW) making strong moves. Market breadth faded from overbought levels.
Many groups, including steelmakers, base metal miners, building materials firms and heavy construction makers, suffered sharp losses. on economic fears.
Gold and silver rallied as the dollar dropped.
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Happy Trading,
Vinny
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