Dow Slips 270 Points as Amgen, Coca-Cola Pull Lower

Market Overview

The Dow Jones Industrial Average (DJIA) fell by 270 points on Thursday, weighed down by losses in healthcare and consumer staples stocks. The index closed at 33,717.04, a 0.8% decrease from the previous day's close.

Amgen Inc. (AMGN) and Coca-Cola Co. (KO) were among the biggest decliners on the Dow, each contributing over 30 points to the index's decline.

Amgen Drops on Drug Safety Concerns

Amgen's stock price plunged by 4.6% on Thursday after the company announced that it had voluntarily paused a clinical trial for its experimental breast cancer drug, bemarituzumab, due to safety concerns.

The move sent shivers down the spines of investors, who had been eagerly awaiting the results of the trial. Bemarituzumab is considered a promising treatment for a type of breast cancer that is difficult to treat.

Coca-Cola Falls on Earnings Disappointment

Coca-Cola's stock price fell by 2.5% on Thursday after the beverage giant reported earnings that fell short of analysts' expectations.

The company's revenue also missed estimates, with the company citing a challenging global economic environment and the impact of the strong dollar.

Other Notable Decliners

Other notable decliners on the Dow on Thursday included:

• Johnson & Johnson (JNJ): -2.3%
• UnitedHealth Group Inc. (UNH): -1.9%
• IBM Corp. (IBM): -1.7%

Looking Ahead

The Dow's decline on Thursday highlights the market's sensitivity to negative news from individual companies, especially in the current uncertain economic environment.

Investors will be closely watching the upcoming earnings reports from other major companies for clues about the health of the U.S. economy and the broader market.