{"id":117335,"date":"2019-04-02T23:03:00","date_gmt":"2019-04-02T23:03:00","guid":{"rendered":"https:\/\/www.bnreport.com\/us-stocks-take-a-breather-walgreens-slumps-on-profit-warning\/"},"modified":"2019-04-02T23:03:00","modified_gmt":"2019-04-02T23:03:00","slug":"us-stocks-take-a-breather-walgreens-slumps-on-profit-warning","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/us-stocks-take-a-breather-walgreens-slumps-on-profit-warning\/","title":{"rendered":"US stocks take a breather, Walgreens slumps on profit warning"},"content":{"rendered":"

US stocks pulled back on Tuesday after a three-day surge, as a profit warning from drugstore chain Walgreens<\/a> Boots hit the pharma sector, while investors looked for more signs of strength in the economy in the wake of growth worries. <\/p>\n

A surprise rebound in China's manufacturing data and better-than-expected U.S. numbers pushed the S&P 500 to near six-month highs on Monday. <\/p>\n

Data on Tuesday wasn't particularly encouraging, with new orders for key U.S.-made capital goods slipping in February and shipments flat. <\/p>\n

Orders for non-defense capital goods excluding aircraft or core capital goods orders, a closely watched proxy for business spending plans, slipped 0.1%. Economists polled by Reuters had forecast it to remain unchanged. <\/p>\n

"We had a pretty good rally yesterday and I think part of it was overdone," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. <\/p>\n

"We're still in this mixed economic data range where you're really not going to see it driving (markets) one way or the other." <\/p>\n

The biggest drag on the main U.S. indexes was Walgreens Boots Alliance<\/a> Inc, which slid 12.1% after the company cut its 2019 profit growth forecast and reported a quarterly profit that missed Wall Street<\/a> estimates. <\/p>\n

The S&P consumer staples index was down 0.5%, leading declines in seven of the 11 major S&P sectors. <\/p>\n

Drug retailer CVS Health<\/a> Corp fell 2.5%, while drug wholesalers including McKesson Corp and AmerisourceBergen Corp dropped more than 1%. <\/p>\n

At 10:15 a.m. ET the Dow Jones<\/a> Industrial Average was down 70.79 points, or 0.27%, at 26,187.63, the S&P 500 was down 0.56 points, or 0.02%, at 2,866.63 and the Nasdaq Composite was up 1.15 points, or 0.01%, at 7,830.06. <\/p>\n

The S&P 500 is 2.3% shy of a record closing high it hit in late September, held back by trade uncRead More \u2013 Source<\/strong><\/a><\/p>\n

[contf]
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\n <\/p>\n

ET Markets<\/a><\/h5>\n

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\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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