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Mixed Signals on Wall Street as Markets Slide Amid Economic Data and Earnings Reports


Published / Modified Dec 17 2024
Goran Soko / CSIMarket.com Contributer




Market Action Report: December 17, 2024

Tuesday's trading session on Wall Street ended on a somber note as major indices fell, driven by a combination of unsettling economic data, plunging stock performances in various sectors, and a marked investors' reaction to key corporate earnings.

Notably, Humana Inc.
(HUM) was one of the biggest decliners,
dropping a significant 9.61%, trailed closely by Credo Technology Group Holding Ltd (CRDO), which saw its shares plummet by 8.14%. Other significant losers included Curtiss-Wright Corporation (CW) and Redhill Biopharma Ltd (RDHL), with declines of 5.86% and 5.40%, respectively.
CVS Health Corporation (CVS), Coherent Corp (COHR), and Cal-Maine Foods Inc.
(CALM) also weighed heavily with their shares declining over 4%.
The financial community kept a close watch on the U.S.
Department of Labor's report on Import and Export Price Indexes, which provided crucial insight into November 2024 inflation pressures.
Additionally, attention was aimed at the U.S.
Census Bureau's Advance Monthly Retail Trade Report and the Federal Reserve's release of Industrial Production and Capacity Utilization data.

However, the gloomy overall market view was partially countered by strong performances from a few high-flying stocks.
Teva Pharmaceutical Industries Limited (TEVA) led the pack with a remarkable 19.14% surge after favorable news hits the company's strategic maneuvers in pharmaceutical development.
Sanofi (SNY) and Curtiss-Wright Corporation (FNMA) further buoyed sentiments with gains of 6.97% and 5.88%, respectively.

In terms of industry movements, the Consumer Products and Department & Discount Retail industries topped the performance charts, with gains of 5.97% and 1.88%. Boosts from Dillard?s Inc.
(DDS) and Abercrombie and Fitch Co.
(ANF) aided in elevating the Retail Apparel sector as well.
Meanwhile, Tesla Inc.
(TSLA) earnings helped propel the EV, Auto and Truck Manufacturers industry up by 0.99%.
Conversely, substantial declines were observed in the Accident and Health Insurance, Communications Equipment, and Coal Mining sectors, dropping 3.87%, 3.15%, and 2.95%, respectively.

Meanwhile, in the cryptocurrency market, Crypto.com Coin (CRO-USD) and MaidSafeCoin (MAID-USD) saw notable gains, contrasting sharply with Aragon (ANT-USD) and HEX (HEX-USD), which suffered heavy sell-offs.

Amid these varied market elements, investors and analysts alike remain poised to navigate a complex financial landscape, balancing economic anticipations against corporate performance metrics.
Many will continue to gauge the broader implications of these diverse factors as they look to the regulatory and fiscal landscape for cues on future market trajectories.,





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