(Reuters) – The New York Stock Exchange opened without much change on Wednesday in the absence of new catalysts to maintain optimism on interest rates, which brought the S&P 500 closer to its all-time high the day before.
In early trading, the Dow Jones index lost 16.81 points, or 0.04%, to 37,528.52 points and the broader Standard & Poor’s 500 fell 0.03% to 4,773.54 points.
The Nasdaq Composite takes 0.12%, or 17.74 points, to 15,092.32.
After eight consecutive weeks of gains and a closing level of the S&P 500 near a record on Tuesday, Wall Street interrupts its rise as the slowdown in inflation approaches the Fed’s 2% target.
“Stocks look set to finish the year in good shape as the theme of disinflation continues to fuel the rally in global risky assets,” says XM analyst Raffi Boyadjian.
In terms of values, Coherus Biosciences takes 23.4% after the American Medicines Agency (FDA) approved its drug delivery device, while Iovance Biotherapeutics loses 20% after the same agency suspended its clinical trial on therapy for a type of lung cancer.
Bitcoin miner Bit Digital rose 10.6% after announcing plans to double its fleet of cryptocurrency mining computers.
Drug developer Reneo Pharmaceuticals jumped 14.3% after Concentra Biosciences submitted a proposal to acquire 100% equity for $1.80 per share.
(Writing by Augustin Turpin, edited by Kate Entringer)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
