* Eli Lilly tumbles 14 pct after Alzheimer's drug fails
* Nasdaq biotech index set for worst day in 3 weeks
* Juno plunges after two patients die during trial
* Industrials rise on Deere results, durable goods data
* Indexes down: Dow 0.02 pct, S&P 0.28 pct, Nasdaq 0.52 pct
(Updates to open)
By Yashaswini Swamynathan
Nov 23 U.S. stocks dipped on Wednesday as a drop
in the healthcare sector took the shine off a post-election
rally that had powered Wall Street to record levels.
Healthcare stocks, which had a sharp run higher
following the election, fell 1.4 percent, dragged down by Eli
Lilly after the company said it would stop developing
its Alzheimer's drug following a trail failure.
Lilly shares plunged 14.4 percent and weighed on companies
developing similar drugs. Biogen dropped 6.2 percent,
while Axovant fell 5.2 percent.
The Nasdaq biotechnology index fell 2.25 percent, on
track for its worst decline in nearly three weeks.
Biogen was the biggest drag, followed by Juno Therapeutics
, which sank 33 percent after reporting that two
patients died during a trial of its leukemia drug.
Healthcare stocks had also weighed on Wall Street on
Tuesday, but could not prevent the three main U.S. indexes from
hitting intraday highs for the second straight day.
Trading volumes 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."
At 9:37 a.m. ET (1437 GMT), the Dow Jones Industrial Average
was down 4.38 points, or 0.02 percent, at 19,019.49.
The S&P 500 was down 6.23 points, or 0.28 percent, at
2,196.71 and the Nasdaq Composite was down 28.23 points,
or 0.52 percent, at 5,358.12.
Helping provide some support was the industrials sector
, which with a rise of 0.35 percent was bigger of the
only two gainers among the 11 major S&P sectors.
The biggest boost was from Deere, which soared 11.2
percent to $102.35 after the farm equipment maker's quarterly
sales and earnings beat expectations.
Also helping industrials was a report that showed orders for
durable goods increased much more than expected in October on
rising demand for machinery and other equipment.
Caterpillar's 1.5 percent increase was the biggest
on the Dow.
Investors are also waiting for the minutes of the Federal
Reserve's November meeting that will likely reinforce a plan to
raise interest rates next month. Traders have priced in an 87
percent chance of a hike on Dec. 14, according to Thomson
Among stocks, Urban Outfitters sank 8.1 percent to
after the apparel maker's comparable sales missed analysts'
Declining issues outnumbered advancing ones on the NYSE by
1,876 to 794. On the Nasdaq, 1,519 issues fell and 722 advanced.
The S&P 500 index showed 37 new 52-week highs and two new
lows, while the Nasdaq recorded 110 new highs and nine new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by