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Wall Street mixed as investors eye healthcare

Reuters 

By and April Joyner

(Reuters) - Wall Street moved sideways on Friday as dipped after a six-day rally and rose on expectations that U.S. Donald Trump's speech on drug prices would largely spare the industry.

The tech sector <.SPLRCT> slid 0.5 percent lower, with dropping 0.34 percent after a nine-day winning streak that saw the maker edge closer to $1 trillion in market capitalisation.

Also weighing on tech was , which fell 1.4 percent as investors worried that a short-term surge in demand for from cryptocurrency miners may be undermining its core business with computer gamers.

"Tech is giving back some of its gains. Market participants are not making aggressive bets after the week we've had, heading into the weekend," said Keith Lerner, at in "We're in a holding pattern today, digesting the strong gains of the week that we've seen."

The biotech <.NBI> rose 1.1 percent, while the healthcare <.SPXHC> rose 0.4 percent ahead of a speech by Trump about controlling prescription drug prices.

The is expected to address high drug prices and barriers to negotiating lower prices for seniors in the programme.

However, the policy proposals will have a relatively modest impact on the healthcare system, health industry sources briefed on the plans told

At 2:53 pm ET, the <.DJI> was up 0.17 percent at 24,781.06 points, while the 500 <.SPX> had gained 0.02 percent to 2,723.72.

The Composite <.IXIC> dropped 0.25 percent to 7,386.80.

The Dow edged above 100-day moving average for the first time since April 18, following the S&P's similar move a day earlier, suggesting that the market may move higher.

Boosting the Dow was , which rose 3 percent after upgraded the to "overweight", saying 5G opportunity will start to crystallize in the next few months.

slumped 32 percent after the Antivirus maker said it was investigating concerns raised by a former employee.

Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.00-to-1 ratio favored decliners.

The 500 posted 28 new 52-week highs and 2 new lows; the Composite recorded 121 new highs and 45 new lows.

(Additional reporting by in Bengaluru; Editing by Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 11 2018. 23:45 IST
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