Lethargic start to the session sees Fresenius Medical Care drop as low as $23.76

While bearish sentiment is dominating the market, the kidney dialysis specialist is maintaining its poise around $23.77 while ranging between $23.76 and $23.85 so far today.

Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.

While price action maintains a negative bias, United States Michigan Consumer Expectations (May) released today at 14:00 UTC with a figure of 53.4, while the previous figure was 60.5.

As the trading day commences, technical analysis suggests after reaching the $23.77 support zone, Fresenius Medical Care AG & Co. KGaA bounced and climbed 9 cents above it.

Fresenius Medical Care's stock value drop coincides with after closing the previous session (yesterday) at $69.08, Bristol-Myers Squibb Company lost 59.5 cents and is trading around $68.48.

Positive performances can be seen by looking at other health care stocks as Eli Lilly and Company is up 1.69%. Novo Nordisk added 1.76% to its value, now trading at $171.96.

The US-German healthcare company has managed to gain 48.11% so far this year despite trading at lows around $12.81 previously.