U.S. Stocks Fall as Health Care, Energy Firms Retreat
(Bloomberg) -- U.S. stocks slid for the first back-to-back decline in more than a month, as health-care shares declined after Republicans released details of a replacement for Obamacare and the president tweeted about lowering drug costs for Americans.
The S&P 500 index lost 0.3 percent to 2,368.39 at 4 p.m. in New York. The benchmark has slipped in three of the prior four sessions, after surging to a record last Wednesday following hawkish comments from Fed officials. The Dow Jones Industrial Average fell 0.1 percent to 20,924.76 Tuesday.
- Health care down 0.7% with biotech shares down 1.6%
- Mallinckrodt down 3%
- Financial stocks down 0.3%, falling for a second day
- Utility and staples little changed with 10-year yield up little more than a basis point
- Telecom down 0.7% as Frontier Communications falls 5.1% on cut at BofAML
- VIX up for second day, to 11.5
- About 6.6 billion shares traded hands, compared with year-to-date high of 8.3 billion last Wednesday
- Snap Inc. down 10%, extending Monday's selloff during which the stock fell below the $24 price where its IPO opened
- ECONOMY:
- The U.S. chalked up its largest trade deficit since March 2012 as a jump in merchandise imports in January exceeded a smaller gain in exports
- EARNINGS:
- No S&P 500 companies report March 8
- In Europe, health-care shares sent stocks lower as investors refocus on the European Central Bank meeting on Thursday; Stoxx Europe 600 Index fell 0.3% at the close
- U.S. Stocks Have Seen Inflows of $80b Since U.S. Election: DB
- Europe Stocks Steady as Bounce in Miners Offsets Drop in Banks
- Cash Dwindles to Two-Decade Low in Global Investor Portfolio
- Defensive U.S. Stock Recovery Has Months to Run, BCA Says: Chart
For related equity market news:
To contact the reporter on this story: Oliver Renick in New York at orenick2@bloomberg.net.
To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Sebastian Silva
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