Around the World's Markets: New York

WALL STREET drifted lower in morning trading as the market awaited tomorrow's inflation figures. By midday the Dow was down 21 points at 11,007.

Active stocks included Incyte Pharmaceuticals, down 31 per cent as Warburg Dillon Read cut it to buy from strong buy. Net stocks were slightly lower: TheStreet.com's index was down 7 at 619. But TheStreet.com itself was up 20 per cent after it said it would launch a similar business in the UK.