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Wall St finishes flat on declining healthcare stocks

Tuesday, 14 Mar 2017 05:37:01 | Lucia Stein

Wall Street finished generally flat, as investors await a likely Fed rate rise on Wednesday (US time). (Reuters)

Stocks in the United States eased overnight, after a drop in healthcare stocks on uncertainty around the replacement for Obamacare.

Markets at 8:00am (AEDT):

  • ASX SPI 200 futures +0.3pc to 5,775
  • AUD: 75.69 US cents, 61.95 British pence, 86.97 Japanese yen, 71.01 euro cents, $NZ1.09
  • US: S&P 500 +.03pc to 2,373, Dow Jones -0.1pc to 20,881, Nasdaq +0.24pc to 5,875
  • Europe: Euro Stoxx +0.11pc to 364.39, FTSE -0.33pc to 7,367, DAX +0.2pc to 11,990
  • Commodities: Gold -0.07pc to $US1,203.63/ounce, Brent crude +0.1pc to $US51.42

Despite being the second-best performer to date, healthcare stocks fell, weighed down by US pharmaceutical companies, Merck and Bristol-Myers.

The drag appeared to be caused by uncertainty over costs associated with the Republican plan to replace Obamacare, with a report on the issue to be released on Monday (local time).

Analysts also believe investors are adopting a wait-and-see stance ahead of the Federal Reserve's policy meeting on Tuesday, with expectations interest rates will rise for the first time this year.

Market watchers will also be looking closely for signals about the pace of future rate increases.

European shares edged higher overnight, as mining gains offset weaker oil stocks.

The market reaction has been rather quiet after Scottish First Minister Nicola Sturgeon said she would seek authority from the Scottish Parliament next week for a second referendum to leave the UK.

However, Prime Minister Theresa May was quick to rule it out.

A short time ago the House of Commons rejected amendments to the Brexit bill and the bill will now have to be reconsidered by the House of Lords.

The bill is expected to pass with no objections later today.

"This means [Ms] May could trigger article 50 as early as tomorrow, but Downing Street sources have said the PM will wait until the end of the month to officially pull the Brexit trigger," NAB currency strategist Rodrigo Catril said.

"The news has seen British pound slide about 10 basis points to 1.224."

Locally, the market is on track for a slight rise at the open.

The Australian dollar is rising this morning and a short time ago was worth 75.74 US cents.

West Texas crude oil has dropped to $US47.90 a barrel, a barrel of Tapis is worth $US51.74 and spot gold was down at $US1,203 an ounce.

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