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(Reuters) – US stocks edged down on Thursday following a recent run of gains, weighed down by weak economic data and falling health stocks, while investors were closely monitoring trade talks between the United States and the United States. China.
According to the Department of Commerce, new orders for capital goods manufactured in the United States unexpectedly declined in December, indicating a further slowdown in capital spending on equipment that could dampen economic growth.
Another series showed that the Philadelphia Federal Reserve's measure of commercial activity in the center of the US littoral declined in February to its lowest level since May 2016.
"Some data is worrisome, but the reaction is not terribly irrational, as we are making quite good progress for the current year," said Kevin Divney, senior portfolio manager at Russell Investments in New York.
Statistical data threatened to break the three-day gain of the S & P 500, which was motivated by signs of progress in trade negotiations. Despite the decline, the index continues to fluctuate near the two-month highs.
The United States and China have begun to expose their principled commitments on the most sensitive issues of their trade dispute, marking the most significant progress ever made to end a seven-month trade war, said Thursday. Reuters from nearby sources.
Both parties were trying to reach an agreement before March 1, Reuters reported.
"The markets seem almost ready to bypass the mediocre data we've seen for the optimism generated by a resolution on trade," said Ryan Detrick, market strategist, LPL Financial.
At 12:34 The Dow Jones Industrial Average was down 63.59 points, or 0.25%, to 25,890.85, the S & P 500 down 5.60 points, or 0.20%, to 2,779 points , 10 and the Nasdaq Composite down 10.27 points, or 0.14%, to 7,478.80.
Eight of the top 11 sectors of S & P were down, due to a 1.62% drop in the energy index after the drop in oil prices. [O/R]
The health care sector lost 0.72%, penalized by the 1% drop in Johnson & Johnson.
The health giant said it has received subpoenas from US regulators in a dispute involving alleged asbestos contamination in its flagship product line, Baby Powder.
Biogen Inc. shares fell 3.3% after broker Stifel downgraded the stock to "hold" it from "buy". The Nasdaq Biotech index was down 1.43%.
Shares of Nike Inc. fell 1.2% after basketball shoes by new basketball star Zion Williamson halved in a match.
Domino's Pizza dropped 9.7% after missing analysts' estimates of same-store quarterly sales.
Among the winning companies, Albermarle shares jumped 6% after the lithium producer had posted quarterly earnings above expectations and had a bullish outlook for 2019.
Falling issues outnumbered defenders for a ratio of 1.78 to 1 on the NYSE and a ratio of 1.42 for one for Nasdaq.
The S & P index posted 29 new highs over 52 weeks and no new lows, while the Nasdaq recorded 49 new highs and nine new lows.
(Report by Shreyashi Sanyal and Sruthi Shankar in Bengaluru, edited by Anil D & # 39; Silva)
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