Wall Street lower as earnings pour in
- Published
(Close): Stocks on Wall Street closed lower after a choppy session.
A decline in the consumer discretionary sector and interest-rate sensitive stocks outweighed gains in healthcare names.
The Dow Jones fell 29.65 points to 18,169.68, with Verizon the top riser in the Dow, up 1.9%.
Healthcare stocks were also higher after strong results in the sector. Bristol-Myers Squibb rose 5.42% after strong sales of its medicines led the firm to increase its full-year profit forecast.
The company is now forecasting earnings per share in the range of $2.80-$2.90, compared with its previous estimate of $2.55-$2.65.
Earlier Qualcomm - which makes chips for smartphone makers and Apple - said it had agreed to buy NXP Semiconductors for $38bn, a record deal for the semiconductor industry.
Shares in Qualcomm rose 2.77% while NXP climbed 0.43%.