Investors Bought This Pharma Stock Despite the Dow's 164-Point Drop Today
The Dow Jones Industrial Average lost roughly 164 points today, as investors prepare for a key inflation report Wednesday and for earnings season to kick off Thursday. Investors are also weighing renewed fears of lockdowns in China after the country has reported a resurgence of covid cases, particularly the Omicron subvariant, which has become the dominant form of covid in the U.S.
On Wednesday, investors will see the latest data from the Consumer Price Index (CPI), which tracks the prices of daily goods and services. Investors use the CPI as one measure of inflation. In May, the CPI increased 8.6% year over year, which was higher than investors had been expecting and called into question whether or not inflation had peaked.
Economists are projecting that new data may show the CPI rose close to 9% in June year over year, which may put the market on edge. Investors are hoping to see clear evidence that inflation has flatlined and will eventually start to head downward. While most of the Dow's 30 stocks sunk on Monday, investors were buying this pharma stock.
Source Fool.com
