US Stocks Move Lower in Early Trading After a 3-Day Rally

NEW YORK (AP) — U.S. stocks moved broadly lower on Wall Street in early trading on Tuesday, reversing course from a three-day rally.

Health care and consumer products companies led the market lower. Walgreens Boots Alliance plunged after it slashed its forecast following a weak quarter. Competitor CVS followed it lower.

Technology and financial stocks bucked the downward trend. Apple and Cisco both made gains. Ameriprise Financial rose 3.4%.

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Dow Inc. rose 4.4% in its first day of trading after being spun off from chemical maker DowDuPont.

KEEPING SCORE: The Dow Jones Industrial Average fell 44 points, or 0.2% as of 10 a.m. The S&P 500 index fell 0.1% and the Nasdaq composite index fell 0.2%.

TAKE AN ASPIRIN: Walgreens had a headache of a quarter as insurers trimmed prescription costs, generic drug prices dropped and brand-name medication prices stalled.

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Al those factors resulted in a 14% drop in second-quarter profit, which the company's CEO described as the most difficult quarter the nation's largest drugstore has faced since forming a few years ago.

Walgreens also slashed its forecast for 2019.

The stock fell 12% percent and helped push down key competitor CVS Health by 4%.

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LIFTOFF: Delta rose 5% after raising its profit forecast for the current quarter. Other airlines also rose. United Continental rose 3% and American Airlines climbed 2%.

 

By AP reporter Damian J. Troise

 

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