Amgen, Coca-Cola Share Losses Lead Dow's 270-Point Fall

Dow Jones Industrial Average tumbles as losses in Amgen and Coca-Cola drag the index lower.

The Dow Jones Industrial Average fell by 270 points on Tuesday, as losses in shares of companies such as Amgen and Coca-Cola weighed on the index. The Dow fell 0.8% to close at 33,717.04. The S&P 500 lost 0.2% to 3,991.06, and the Nasdaq Composite was little changed, edging up 0.03% to 11,035.14. Among the Dow's 30 components, Amgen was the biggest decliner, falling 2.6%. Coca-Cola also contributed to the index's losses, falling 1.8%. Other decliners included Boeing, down 1.6%, and 3M, down 1.3%.

The losses in Amgen came as the company announced disappointing results for its fourth quarter. The company reported earnings per share of $3.68, below the consensus estimate of $3.79. Amgen also lowered its forecast for 2023, saying it now expects to earn between $17.00 and $17.50 per share, down from its previous guidance of $17.60 to $18.10 per share.

Coca-Cola's losses came as the company reported a decline in sales volume for its fourth quarter. The company said that sales volume fell 1% in the quarter, due in part to weakness in China and Europe. Coca-Cola also said that it expects sales growth to slow in 2023, as it laps the strong growth it experienced during the pandemic.