Midday Report: Biotech Stocks Tumble on Trump's Talk; Stocks Fluctuate

U.S. stocks fluctuated Wednesday after President-elect Donald Trump targeted the biotech industry in his first press conference since July. Lockheed Martin (LMT) - Get Report also tumbled after he reiterated that he would seek to cut costs in the construction of a new Air Force fleet.

Crude oil plummeted before recovering big gains after a weekly reading on U.S. inventories showed an increase nearly four times what analysts had expected. Crude sold off earlier this week on worries over U.S. production.

Merck (MRK) - Get Report contributed the largest gains to the Dow after one of its cancer treatments gained progress toward going to market. The FDA granted a priority review for Merck's lung cancer treatment.

Signet Jewelers (SIG) - Get Report fell after reducing its profit and sales target for the critical holiday season. The company says its underperformance was driven by weakness in its Sterling e-commerce business.