Sector Update: Health Care

US stocks were little changed during the afternoon trading as investors tread cautiously ahead of Wednesday's key consumer inflation report, which could heavily influence the Federal Reserve's next rate decision.

The S&P 500 and Dow Jones stayed slightly below the flatline, while the Nasdaq was steady, buoyed by a 5.2% jump in Alphabet shares following advancements in quantum computing.

Despite the muted trading session, markets remained near record highs as investors hoped inflation data would bolster the case for a “soft landing” and a potential December Fed rate cut.

On the corporate front, Oracle shares tumbled over 7% after falling short on quarterly revenue amid tough cloud competition.

Nvidia extended its losses, slipping 2% after news of a Chinese antitrust investigation, while its AI chip dominance kept it in the spotlight of U.S.-China tech tensions.

Tesla climbed 4.3% as analysts raised price targets, and Meta Platforms gained 0.7%, recovering from prior losses.

Health care stocks fell Tuesday afternoon, with the NYSE Health Care Index shedding 0.4% and the Health Care Select Sector SPDR Fund (XLV) down 0.2%.

The iShares Biotechnology ETF (IBB) dropped 0.4%.

In corporate news, Walgreens Boots Alliance shares surged 20%. The company is in talks to be acquired by private equity firm Sycamore Partners, The Wall Street Journal reported, citing people familiar with the matter.

The Supreme Court of Ohio ruled Tuesday that a state law abrogates Trumbull County and Lake County's common-law claims that Walmart , CVS Health and Walgreens created a public nuisance "by filling prescriptions for opioids without controls in place to stop the distribution of those that were illicitly prescribed." Walmart shares added 0.6%, and CVS fell 1.3%.

CervoMed shares plunged 76% after the company said a phase 2b trial assessing neflamapimod to treat people with dementia with Lewy bodies failed to meet its primary or key secondary endpoints.

The FTSE 100 Index is down 71.72 points or 0.86% today to 8280.36

• Largest one day point and percentage decline since Tuesday, Nov. 12, 2024
• Down two of the past three trading days
• Off 1.96% from its record close of 8445.80 hit Wednesday, May 15, 2024
• Up 30.64% since the pre-Brexit vote level of 6338.10 hit Thursday, June 23, 2016
• Lowest closing value since Wednesday, Nov. 27, 2024
• Off 1.96% from its 52-week high of 8445.80 hit Wednesday, May 15, 2024
• Up 11.20% from its 52-week low of 7446.29 hit Wednesday, Jan. 17, 2024
• Rose 9.78% from 52 weeks ago
• Off 1.96% from its 2024 closing high of 8445.80 hit Wednesday, May 15, 2024
• Up 11.20% from its 2024 closing low of 7446.29 hit Wednesday, Jan. 17, 2024
• Month-to-date it is down 0.08%
• Year-to-date it is up 547.12 points or 7.07%

Source: Dow Jones Market Data, FactSet

The STOXX Europe 600 Index is down 2.73 points or 0.52% today to 518.49

• Largest one day point and percentage decline since Tuesday, Nov. 26, 2024
• Snaps an eight trading day winning streak
• Off 1.82% from its record close of 528.08 hit Friday, Sept. 27, 2024
• Off 1.82% from its 52-week high of 528.08 hit Friday, Sept. 27, 2024
• Up 10.86% from its 52-week low of 467.71 hit Wednesday, Jan. 17, 2024
• Rose 9.68% from 52 weeks ago
• Off 1.82% from its 2024 closing high of 528.08 hit Friday, Sept. 27, 2024
• Up 10.86% from its 2024 closing low of 467.71 hit Wednesday, Jan. 17, 2024
• Month-to-date it is up 1.62%
• Year-to-date it is up 39.50 points or 8.25%

Source: Dow Jones Market Data, FactSet