Live update ----------------------------------------------
The Dow Jones Industrial Average fell Wednesday as it struggled to recover from Tuesday's selloff, fueled by comments from Federal Reserve Chairman Jerome Powell suggesting longer interest rates.
The Dow fell 202 points (0.6%), hunting declines in Merck and McDonald's. The S&P 500 shoot down 0.2% while the Nasdaq Composite was flat.
The latest jobs data has added to investor fears that a bigger rate hike could be imminent. Data showed job openings fell short of expectations in January and personal employment data beat expectations in February, suggesting the economy is doing well despite the central bank's interest rate hike. The results precede Friday's employment data following January's big hit.
Stocks come out of a bearish session after comments from Powell's Senate testimony warned Congress that central bank final rates are likely to be higher than previously expected on persistently high economic data The commentary continued on Wednesday when Powell addressed the House Financial Services Committee.
"It just raises the idea that they might have to do more," said Nationwide chief economist Cathy Bostjancic. , which further brings the idea that they are making a political mistake - that it will be a hard landing for the economy."
Powell stressed in his testimony that no decision has yet been made on the March meeting, but traders are betting on a higher-than-expected rally. About 75% want him to raise rates by 50 basis points, according to CME Group's FedWatch tool.
Healthcare stocks weigh heavily on Dow
The Dow fell more than 200 points in intraday trading as healthcare stocks fell.
About three years after the pharmaceutical company announced his licensing deal with OPKO Health, Merck's stock had fallen. UnitedHealth's stock fell about 1.4%, while Johnson & Johnson, Amgen and Procter & Gamble all fell slightly.
Tok makes its biggest move at noon--------------
Check out the companies in the spotlight on the midday deal. Various inventory -The maker of cleaning and hygiene brands such as Dove, Lysol and Air Wick has soared more than 37 years since the company agreed to his $4.6 billion cash acquisition by Solenis. united natural foods -The organic food company plunged after his 26-year hiatus, posting lower-than-analyst-expected second-quarter earnings, according to FactSet. stitch fix -The styling firm saw its stock fall 11 cents after reporting weaker-than-expected earnings in the most recent quarter and a larger-than-expected loss of 24 cents a share.
Tok makes its biggest move at noon Check out the companies in the spotlight on the midday deal. Merck shares drop after deal with Opko Health---------
The stock fell about 3% in intraday trading after the pharmaceutical company announced a licensing deal with OPKO Health. to help develop his experimental Epstein-Barr virus vaccine. As part of the transaction, Merck will assume management of more than $900 million worth of his clinical and regulatory activities. OPKO will pay a total of $50 million up front and will receive $872.5 million plus royalties and overtime. OPKO's share price has recently increased by almost 7%.
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