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Biotechs are getting slammed
(REUTERS/Lucas Jackson)
Stocks are trading sideways on Tuesday, and the Nasdaq is down about 1% amid a sell-off in biotech stocks.
Near 11:57 a.m. ET, the Dow was down 14 points, the S&P 500 was up 9 points, and the Nasdaq was down 60 points.
Biotechs were getting crushed; the iShares Nasdaq Biotechnology ETF was down more than 6%.
The ETF had a 10% drop in September, following concerns about price gouging of pharma drugs.
The biggest mover on the Dow was DuPont, up 10%, after the agricultural giant cut its full-year earnings forecast and announced its CEO's resignation on Monday.
Stocks had a big rally yesterday, which brought the Nasdaq into positive territory for the year and gained the Dow 300 points.
In economic data, the trade deficit rose to $48.3 billion in August, following a jump in imports of consumer goods and products from China.
After the market close, the American Petroleum Institute will release weekly data on crude oil inventories.
The Energy Information Administration released its latest short term energy outlook this morning, and estimated that US crude oil production fell by 120,000 barrels per day in September.
The EIA projects that US household spending on natural gas and heating oil this winter will be lower year-on-year because of lower prices.
West Texas Intermediate crude oil futures in New York rallied 4%.
PepsiCo reported earnings results this morning, beating expectations on adjusted earnings and sales. The company also reported a decline in unadjusted profits to $0.36 per share from $1.32, following the write down of its struggling Venezuela operations that cost it about $1.4 billion.
Yum Brands reports earnings after the market close.
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