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J&J drags on Dow, S&P

July 24, 2017

The S&P 500 and the Dow Jones Industrial Average were pulled lower by losses in Johnson & Johnson in late morning trading on Monday, while the Nasdaq was little changed ahead of Google parent Alphabet’s earnings report later in the day.

Johnson & Johnson’s (JNJ.N) shares fell 1.5 pct to $133.21 after South Korea’s Samsung Bioepis said it started U.S sales of the company’s top-selling drug Remicade.

“This week is going to be critical to see the passing of the baton from the Fed being the primary driver of the market to corporate fundamentals,” said Matt Miskin, senior capital markets research analyst at John Hancock Investments.

Analysts have raised their expectations for S&P 500 earnings to 8.8 percent, compared with an 8 percent rise projected at the start of the month, according to Thomson Reuters I/B/E/S.

Nine of the 11 major S&P 500 sectors were lower, with the utilities .SPLRCU and telecommunications .SPLRCL leading the decliners.

WebMD Health (WBMD.O) jumped 19.6 percent after KKR (KKR.N) agreed to buy the online health publisher in a deal valued at about $2.8 billion. KKR was off 0.3 percent.

Declining issues outnumbered advancers on the NYSE by 1,694 to 1,041. On the Nasdaq, 1,507 issues fell and 1,160 advanced.

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