U.S. Stocks Fall as Health Care, Energy Firms Retreat

Corrected

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

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(Corrects seventh bullet point to show Snap fell below IPO opening price.)
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