It's a case of bad news bears for oil prices. US data showing crude oil stockpiles were lower than expected falling by 2.5 million barrels to 509.1 million barrels as of week ending 16 June sparked a fledging rally which wasn't sustained.
US crude oil prices slipped -2.16% to $42.57 falling into bear market territory. Oil prices fall 20% or more is defined as a bear market.
Oil prices remain under pressure as investors are pestered by rising production from members outside the OPEC cartel, US oil output and an OPEC production cut policy that isn't working.
Energy stocks dragged on Wall Street causing the Dow and the S&P 500 to drift lower. The Dow fell -0.27% at 21,409.41 and the S&P 500 -0.07% at 2,435.48.
However, the Nasdaq remained buoyant up +0.74% at 6,233.95 propelled by pharmaceuticals which were among the biggest mover on the index.
- Dow 21,409.41 -0.27%
- S&P 500 2,435.48 -0.07%
- Nasdaq 6,233.95 +0.74%
- Russell 2000 1,399.90 -0.22%
- NYSE Composite 11,696.52 -0.36%
- Gold 1,247.80 +0.16%
- Oil WTI $44.81 -0.02%
10-Year Yield 2.16% +0.00
Trump drug price policy: faint pulse
Pharmaceuticals and biotech were among the day's winners rallying as media reports suggested Trump's executive order on drug pricing will be a softer approach than expected from the sound and fury on display during his campaigning days.
Vertex Pharmaceuticals was just shy off the top of its day's range up +6.73% at $134.83, surging +82.82% year to date, while Advanced Micro Devices rose +11.31% at $14.07. Tech company, CA Inc charged up 13.36% at $35.80.
Nasdaq biotechnology index jumped 128.71 or 4.05% at 3,306.26 while the Dow US health care index went up 1.29% and its biotechnology index 1.03%.