Amgen and JPMorgan in lead as Dow maintains Tuesday’s triple-digit advance


U.S. stocks opened Tuesday trading mixed, with the Dow industrials rising on the back of early moves in Amgen Inc. AMGN, +6.50% and Goldman Sachs GS, +0.50%.

Equity indexes, however, continued to confront friction against the prospect of rising interest rates for benchmark debt, with the 10-year Treasury note TMUBMUSD10Y, 1.967% at around 1.96%, around its highest yield since 2019. Rising yields are a weight on valuations for speculative and growth-oriented stocks, which are being rerated for tighter monetary policy and higher borrowing costs.

In other corporate news, investors were focused on shares of exercise equipment maker Peloton Interactive PTON, +20.40%, which was after it said it would replace its chief executive, overhaul its board and cut costs, including lay off 2,800 employees. Shares of Pfizer Inc. PFE, -5.68% were lower, weighing on the health sector, after the drug maker reported fourth-quarter profit that beat expectations, while revenue more than doubled but missed forecasts.

In economic data, the U.S. trade deficit jumped 27% in 2021 to a record $859 billion largely because a recovering economy gave Americans the means to buy more imports. They also paid higher prices due to rising inflation.

The deficit widened in December by 1.8% to $80.7 billion, marking it the second largest monthly increase ever. Economists polled by The Wall Street Journal had forecast a $82.9 billion shortfall.

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