Written by ALEX VEIGA-AP Business Writer
U.S. stock indexes veered modestly lower in late-afternoon trading Tuesday, giving up gains from earlier in the day. Health care and technology companies were among the biggest decliners, outweighing gains in utilities stocks. Energy stocks also fell along with the price of crude oil.
KEEPING SCORE: The Standard & Poor’s 500 index fell 6 points, or 0.3 percent, to 2,474 as of 3:44 p.m. Eastern time. The Dow Jones industrial average slid 33 points, or 0.2 percent, to 22,083. The Nasdaq composite lost 18 points, or 0.3 percent, to 6,365. The Russell 2000 index of smaller-company stocks gave up 2 points, or 0.2 percent, to 1,411. The S&P 500 and Dow closed at record highs on Monday.
THE QUOTE: “It’s kind of been choppy; the market is essentially flat,” said Phil Guarco, global investment specialist J.P. Morgan Private Bank.
CALL THE DOC: Health care companies led the market lower. Henry Schein was down $9.05, or 4.9 percent, to $174.74.
MALL RATS: Several real estate investment trusts that own malls were trading lower. Simon Property Group fell $2.83, or 1.7 percent, to $163.54, while Macerich slid $1.08, or 1.8 percent, to $59.52.
IN A SKID: Avis Budget Group slumped 9.9 percent after the car rental company cut its guidance following a weak second quarter. The stock fell $3.29 to $30.10.
FLOUNDERING: SeaWorld Entertainment slid 7.5 percent after the theme park operator reported second-quarter revenue that fell short of Wall Street’s expectations. The stock fell $1.01 to $12.60.
LOOKING GOOD: Michael Kors climbed 22.1 percent after the luxury handbag and apparel designer and retailer’s latest quarterly results beat analysts’ forecasts as sales improved. The stock was the biggest gainer in the S&P 500, adding $8.24 to $45.47.
FASHIONABLE RESULTS: Investors cheered Ralph Lauren’s latest quarterly results, sending the designer clothing company’s shares up $9.70, or 12.4 percent, to $87.85.
BANK ON THIS: LendingClub surged 16.7 percent after the peer-to-peer lender’s second-quarter earnings exceeded financial analysts’ forecasts. The stock gained 91 cents to $6.37.
OIL: Benchmark U.S. crude fell 22 cents to $49.17 a barrel on the New York Mercantile Exchange. Brent crude, the international standard, lost 23 cents to $52.14 a barrel in London.
In other energy futures trading, wholesale gasoline dipped 1 cent to $1.62 a gallon. Heating oil fell 1 cent to $1.63 a gallon. Natural gas gained 2 cents to $2.82 per 1,000 cubic feet.
METALS: Gold fell $2.10 to $1,262.60 an ounce. Silver gained 14 cents to $16.39 an ounce. Copper rose 4 cents to $2.94 a pound.
CURRENCIES: The U.S. dollar fell to 110.48 yen from 110.72 yen late Monday. The euro slid to $1.1752 from $1.1793.
BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.28 percent from 2.26 percent late Monday.
MARKETS ABROAD: In Europe, Germany’s DAX rose 0.3 percent, while France’s CAC 40 added 0.2 percent. Britain’s FTSE 100 added 0.1 percent.
In Asia, markets were mostly lower after disappointing Chinese trade data.
Japan’s Nikkei 225 slipped 0.3 percent, while Australia’s S&P/ASX 200 lost 0.5 percent. South Korea’s Kospi fell 0.2 percent. Hong Kong’s Hang Seng added 0.6 percent.