/Nasdaq leads stock drop, Pfizer, CVS buck selling – Fox Business

Nasdaq leads stock drop, Pfizer, CVS buck selling – Fox Business


U.S. stocks got hit with a wave of selling midday after U.S. Treasury Secretary Janet Yellen signaled interest rates may need to rise to manage the economic rebound. Investors all digested a fresh batch of corporate earnings. 

The Nasdaq Composite paced the declines down over 2.6% led by Tesla and Apple. 

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX13500.357403-394.76-2.84%
TSLATESLA, INC.659.54-25.36-3.70%
AAPLAPPLE, INC.127.04-5.50-4.15%

While the Dow Jones Industrial Average dropped over 220 points or 0.67% and the S&P 500 cratered 1.29%. 

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES33849.39-263.84-0.77%
SP500S&P 5004132.86-59.80-1.43%

In earnings news, both Pfizer and CVS boosted financial outlooks as demand for COVID-19 related items fueled results and shares bucked the selloff. 

“We delivered strong first-quarter results and improved our outlook for the year,” said CVS Health President and CEO Karen S. Lynch. “We continue to execute on our strategy while simultaneously managing through a pandemic, helping the country on the road to recovery. 

BIDEN TALKS TAXES ON AMERICANS EARNING LESS THAN $400K

Moderna also in focus after announcing plans to boost its manufacturing facility in Massachusetts. “Our manufacturing facility has been core to our long-term strategy and has enabled us to provide the scale and flexibility to support the development of our mRNA medicines and vaccines including our COVID-19 vaccine,” said CEO Stéphane Bancel in a statement. 

TickerSecurityLastChangeChange %
PFEPFIZER INC.39.84+0.04+0.10%
CVSCVS HEALTH CORP.80.65+3.00+3.86%

Marathon Oil shares were also lower after the company announced it has reduced $500 million in debt. 

TickerSecurityLastChangeChange %
MROMARATHON OIL11.19+0.04+0.31%

After the closing bell investors will get results from Lyft, Xilinx, and Zillow to name a few. 

TickerSecurityLastChangeChange %
LYFTLYFT INC.54.05-3.03-5.31%
XLNXXILINX, INC.121.34-2.21-1.79%
ZZILLOW GROUP INC116.79-8.91-7.09%

In commodities, oil continues its upward climb touching the $65 per barrel level, while gold was modestly lower trading at $1,782 an ounce. 

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