Dow leads Wall Street higher as investors focus on healthcare stocks
The heavyweight technology sector fell 0.3%, weighing most heavily on the S&P 500 and keeping the Nasdaq close to flat.
On Tuesday, the Dow Jones Industrial Average climbed 1% and outperformed the S&P 500, while the healthcare sector drove the largest boost for Wall Street. Technology stocks were the sector with the greatest drag. Eli Lilly led the S&P 500's index points, while UnitedHealth, Merck & Co, Johnson & Johnson and Amgen contributed to the Dow's gains.
Healthcare led among the S&P 500's 11 major sector indexes, reaching a record high. Declines in communication services stocks pulled down that sector. Energy shares underperformed due to falling oil prices after hitting a five-month high. Tech stocks declined by 0.3%, making them the largest drag on the S&P 500 and keeping the Nasdaq close to flat.
Investors are showing skepticism towards the AI sector, leading to a rotation into other areas such as small caps and healthcare. The Dow rose 529.85 points (1.02%) to 52,495.88, the S&P 500 gained 21.84 points (0.28%) to 7,712.57, and the Nasdaq lost 6.07 points (0.02%) to 26,424.82. The S&P 500 value index increased 0.9%, while its growth counterpart dropped 0.2%.
Small-cap stocks, including the Russell 2000 index, saw a 1.7% increase. Financial services led the S&P 500's second biggest index point gain, while defensive sectors such as real estate and utilities outperformed. Netflix, Meta, and Alphabet experienced declines due to weaker-than-expected earnings reports. SpaceX reported a profit in Q3, up 4% in late trading.
Netflix's and Meta's shares declined after weaker-than-expected forecasts, and Meta and Tesla are scheduled to report on Wednesday. General Motors dropped 6.8% due to higher commodity costs and lower truck sales. 3M rose 5.8% after expanding its data-center partnership with Amazon and issuing a warrant to an Amazon subsidiary for over $521 million in common stock.
Equifax gained 11.3% after reporting profit above analysts' expectations. Hasbro climbed 11.2% after raising its revenue and digital gaming business forecast. Advancing issues outnumbered decliners by a ratio of 2.04-to-1 on the NYSE and 2.02-to-1 on the Nasdaq, with a total of 15.91 billion shares changing hands.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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