US stocks edge lower in early trading; oil heads lower

U.S. stock indexes edged lower in early trading Tuesday, pulling back from the market’s most recent record highs. Health care and consumer-focused companies were among the biggest laggards. Energy stocks also fell as crude oil prices headed lower. Banks and utilities had some of the biggest gains.

KEEPING SCORE: The Standard & Poor’s 500 index lost 2 points, or 0.1 per cent, to 2,478 as of 10:11 a.m. Eastern time. The Dow Jones industrial average slid 3 points to 22,115. The Nasdaq composite shed 8 points, or 0.1 per cent, to 6,375. The Russell 2000 index of smaller-company stocks was little changed at 1,415.

IN A SKID: Avis Budget Group slumped 9.3 per cent after the car rental company cut its guidance following a weak second quarter. The stock fell $3.12 to $30.28.

FLOUNDERING: SeaWorld Entertainment slid 9.9 per cent after the theme park operator reported second-quarter revenue that fell short of Wall Street’s expectations. The stock fell $1.35 to $12.26.

LOOKING GOOD: Michael Kors climbed 17.6 per cent after the apparel designer and retailer’s latest quarterly results beat analysts’ forecasts as sales improved. The stock gained $6.56 to $43.79.

OIL: Benchmark U.S. crude added 32 cents to $49.07 a barrel on the New York Mercantile Exchange. It fell 19 cents, or 0.4 per cent, to $49.39 per barrel Monday in New York. Brent crude, the international standard, shed 34 cents to $52.05 a barrel in London.

CURRENCIES: The U.S. dollar fell to 110.32 yen from 110.72 yen late Monday. The euro rose to $1.1812 from $1.1793.

BONDS: Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.26 per cent.

MARKETS ABROAD: In Europe, Germany’s DAX shed 0.2 per cent, while France’s CAC 40 was essentially flat. Britain’s FTSE 100 added 0.1 per cent. In Asia, markets were mostly lower after disappointing Chinese trade data. Japan’s Nikkei 225 slipped 0.3 per cent, while Australia’s S&P/ASX 200 lost 0.5 per cent. South Korea’s Kospi fell 0.2 per cent. Hong Kong’s Hang Seng added 0.6 per cent.

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