Economics
U.S. Stocks Drop Before Alcoa Report as IMF Cuts Forecast
This article is for subscribers only.
U.S. stocks dropped, sending the Standard & Poor’s 500 Index lower for a third day, after the International Monetary Fund cut estimates for global growth and investors awaited quarterly results from Alcoa Inc.
Nine out of 10 groups in the S&P 500 retreated as consumer discretionary and technology companies led declines. Intel Corp. slipped 2.7 percent as Sanford C. Bernstein & Co. downgraded the shares. Alcoa rose 0.6 percent at 4:25 p.m. New York time as the largest U.S. aluminum producer posted third-quarter earnings and sales that exceeded estimates.