* Eli Lilly tumbles after Alzheimer's drug fails
* Other health stocks, including Biogen, drop
* Juno plunges after two patients die during trial
* Orders for durable good rise more than expected
* Futures down: Dow 1 pt, S&P 2.5 pts, Nasdaq 7.75 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Nov 23 Wall Street was poised for a quiet open
on Wednesday, a day after the post-election rally powered major
indexes to record highs as investors bet that the next U.S.
government's policies would be more market friendly.
However, healthcare stocks, which had a sharp run higher
following the election, were dragged down by Eli Lilly
after the company said it would stop developing its Alzheimer's
drug following a trail failure.
Lilly shares plunged 14 percent premarket and pulled down
the stocks of companies developing similar drugs. Biogen
dropped 6.7 percent, while Axovant tumbled
Juno Therapeutics sank 28.7 percent after it said
two patients died during a trial of its experimental leukemia
Healthcare stocks had also weighed on Wall Street on
Tuesday, but that did not prevent the three main U.S. indexes
from hitting intraday highs and closing at record levels for the
second straight day.
Trading volumes were below their 20-day average and are
likely to remain subdued ahead of the Thanksgiving Day holiday
on Thursday and an early market close on Black Friday.
"People are in a holiday mindset today, but nothing appears
to be in the horizon to derail the recent market strength," said
Andre Bakhos, managing director at Janlyn Capital in
Bernardsville, New Jersey.
"But on days when light volume is expected, it is easier to
move stocks and should anything come out that is market moving,
the degree of move could be exacerbated."
Dow e-minis were down 1 point, or 0.01 percent at
8:32 a.m. ET, with 22,546 contracts changing hands.
S&P 500 e-minis were down 2.5 points, or 0.11
percent, with 105,091 contracts traded.
Nasdaq 100 e-minis were down 7.75 points, or 0.16
percent, on volume of 13,394 contracts.
Investors are also waiting for the Federal Reserve to
release the minutes of its November meeting later in the day
that will likely reinforce its plan to raise interest rates next
Analysts say President-elect Donald Trump's planned policies
would boost inflation, helping the Fed move closer to raising
rates. Traders have priced in an 87 percent chance of a hike on
Dec. 14, according to Thomson Reuters data.
Economic data on Wednesday included a report that showed
orders for durable goods rose by a much stronger-than-expected
4.8 percent in October, while a separate report showed a slight
uptick jobless claims last week.
Among stocks, Urban Outfitters sank 10.2 percent to
$35.01 after the apparel maker's comparable sales missed
Deere soared 11.2 percent to $102.35 after the farm
equipment maker's quarterly sales and earnings beat
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by