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Midday Market Update

U.S. Markets Pull Back on Eve of Holiday

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U.S. Markets
U.S. markets opened sluggishly Wednesday morning as they struggled to maintain the record-breaking momentum that was seen during yesterday’s trading session.

The Dow Jones Industrial Average made minor gains after trading opened, while the S&P 500 and the Nasdaq Composite Index both began the day in negative territory. Nasdaq’s losses can be attributed to the slumps seen in the biotech sector after the release of negative drug trial results. Equities will continue to take slight hits with the strengthening U.S. dollar because multinational companies are expecting profits to depreciate.

Milad Nourmohammadi does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.