Stocks were mixed to start the day on Tuesday as markets reacted to a wave of earnings reports and economic data. There’s also President-elect Donald Trump’s plans for tariffs on Mexico, Canada, and China for Wall Street to digest.
The Dow Jones Industrial Average was down 157 points, or 0.4%. The S&P 500 was up 0.2%. The Nasdaq Composite was up 0.3%.
Amgen’s steep decline in the wake of its latest weight-loss drug data was weighing on the Dow, especially. Because the Dow is a price-weighted index, firms with large stock prices like Amgen have a lot of pull compared to firms with large market caps but smaller stock prices. Amgen shares were down 10%, shaving 182 points off the Dow.