Investors are assessing the impact of U.S. President-elect Trump's proposed tariff policies, resulting in a generally positive movement in U.S. markets. The S&P 500 index opened 12 points or 0.2% higher, while the Nasdaq Composite index rose 54 points or 0.3%. However, the Dow Jones Industrial Average initially fell by 121 points or 0.3% and later dropped 185 points or 0.4%.
Amgen (AMGN, Financial) shares declined by 11% after the pharmaceutical company released data on its weight-loss drug, making it the worst performer among Dow components. Conversely, shares of Novo Nordisk (NVO) and Eli Lilly (LLY) climbed by 2% and 4%, respectively, following the U.S. government’s proposal to cover weight-loss medications under Medicare and Medicaid.
Market focus stocks Tesla (TSLA) and Nvidia (NVDA) each experienced a 1% increase. Meanwhile, in earnings reports, Abercrombie & Fitch (ANF) exceeded expectations for its third fiscal quarter earnings and raised its full-year sales guidance, yet the stock fell over 5%. Best Buy (BBY) faced a nearly 9% decline in its stock price due to weaker-than-expected third-quarter earnings, attributed to sluggish demand for electronics.
