U.S. Stocks Decline as Earnings Miss Analyst Estimates

U.S. stocks fell, erasing the biggest rally in three months for the Standard & Poor’s 500 Index, amid disappointing results by companies from Bank of America Corp. to Textron Inc.

All 10 groups in the S&P 500 declined as technology, energy and financial shares dropped the most. Apple Inc. tumbled 5.5 percent, briefly falling below $400 for the first time since 2011 as one of its suppliers reported an inventory glut. Bank of America sank 4.7 percent after profit missed analysts’ projections. Textron slumped 13 percent after lowering its forecast for business-jet sales. Caterpillar Inc. slid 1.4 percent amid an analyst downgrade.