Stock Market Update
07-Oct-26 12:25 ET
Bank stocks retreat while health care outperforms
Dow -343.99
at 51177.20,
Nasdaq -122.34
at 27498.49,
S&P -22.47
at 7796.56
[BRIEFING.COM] While the DJIA (-0.7%) is off its worst levels of the session, it continues to underperform the S&P 500 (-0.3%) and Nasdaq Composite (-0.5%) just after midday.
In addition to a steep retreat in Caterpillar (CAT 812.20, -51.24, -5.93%), the index faces pressure in its banking components such as Goldman Sachs (GS 881.32, -15.86, -1.77%) and JPMorgan Chase (JPM 328.47, -2.81, -0.85%), which are retreating today amid concerns that a higher-rate environment could reduce lending activity.
Health care names provide an important counterweight, with Amgen (AMGN 414.12, +11.52, +2.86%) and Johnson & Johnson (JNJ 260.18, +5.40, +2.12%) the best-performing Dow components.
The health care sector (+1.8%) remains the best-performing S&P 500 sector by a wide margin, supported by strong leadership from its top-weighted component Eli Lilly (LLY 1203.26, +45.77, +3.95%), which rises past its 50-day moving average (1174.52) toward its best close since mid-August.
