NEW YORK (AP) — U.S. stocks are slipping Thursday as technology and energy companies and banks fall. Big drug companies and industrial firms are rising, and a solid quarter from cereal maker Kellogg helped makers of food and household goods move higher. Smaller companies continue to decline.
KEEPING SCORE: The Standard & Poor’s 500 index dropped 3 points, or 0.1 percent, to 2,474 as of 3:25 p.m. Eastern time. The Dow Jones industrial average headed for its eighth gain in a row and added 20 points, or 0.1 percent, to 22,036. The Nasdaq composite lost 13 points, or 0.2 percent, to 6,349.
Dozens of companies have reported strong second-quarter results this week as corporate earnings continue to grow. But the market has hardly reacted.
THE QUOTE: Small companies, which surged in November and December, have struggled lately. The Russell 2000 sank 7 points, or 0.5 percent, to 1,405 after a sharp loss a day ago. Julian Emanuel, an equity strategist for UBS, said that as the dollar continues to lose strength, investors are selling smaller and more domestically-focused companies and buying more international businesses, as the weaker dollar will help their sales outside the U.S.
“Most people didn’t expect the degree of dollar weakness that we’re seeing,” he said. The ICE U.S. Dollar Index is down 9 percent this year and hasn’t been this low in about 15 months.
TECH TAKES A TURN: Security software maker Symantec announced disappointing first-quarter sales and its forecasts for the rest of the year weren’t as good as analysts had hoped. Symantec also said it will sell its website security business to DigiCert for $950 million in cash and a 30 percent stake in DigiCert. Symantec slid 51 cents, or 1.6 percent, to $30.40.
3D printer maker 3D Systems plunged $3.70, or 21.8 percent, to $13.31 after it fell short of Wall Street estimates in the second quarter and cut its projections for the full year. Elsewhere, Apple lost $1.35 to $155.79 after a big jump the day before.
THEY’RE GREAT: Kellogg, the maker of Frosted Flakes, Pop Tarts and Eggo waffles, reported another quarterly decline in sales as revenue from breakfast items slipped and snack food sales were flat. But the results weren’t as bad as experts had expected. Its stock jumped $3.27, or 4.8 percent, to $70.71.
Consumer products maker Clorox also rose after it disclosed a larger-than-expected profit. It gained $3.19, or 2.4 percent, to $135.16.
ECONOMIC NEWS: The Institute for Supply Management gave a disappointing report on how U.S. services companies did in July. The group’s services index slipped to its lowest reading in 11 months as production, orders and hiring all slowed down. It’s a result that suggests the economy is still growing at a steady but modest pace.
Meanwhile the Bank of England left its key interest rate at a record low and reduced its economic growth forecasts. That sent the British FTSE 100 index 0.9 points higher for the day, as investors were glad the bank probably won’t raise interest rates any time soon. The pound also moved lower.
The yield on the 10-year Treasury note fell to 2.23 percent from 2.27 percent. That sent interest rates lower, and banks also fell.
ENERGY: Oil prices turned lower. Benchmark U.S. crude dipped 56 cents, or 1.1 percent, to $49.03 a barrel in New York. Brent crude, the international standard, fell 35 cents to $52.01 a barrel in London.
Wholesale gasoline lost 1 cent to $1.63 a gallon. Heating oil fell 2 cents to $1.64 a gallon. Natural gas slipped 1 cent to $2.80 per 1,000 cubic feet.
ELECTRIFYING: Electric car maker Tesla said it’s confident it can meet its production goals for its new Model 3 sedan, which will cost less than its previous cars. The company also took a smaller net loss than investors expected. Its shares gained $21.27, or 6.5 percent, to $347.16.
AVON CALLING… FOR HELP: Avon Products took a loss in its latest quarter and said sales weren’t as good as expected. The cosmetics retailer has been struggling for years to revive Move to Trashits business, and it said Thursday that CEO Sheri McCoy will leave the company. Activist investors have put pressure on Avon to find new leadership. The stock lost 37 cents, or 11 percent, to $2.99.
METALS: Gold dipped $4 to $1,274.40 an ounce. Silver fell 10 cents to $16.63 an ounce. Copper lost less than 1 cent to $2.88 a pound.
CURRENCIES: The dollar fell to 110.06 yen from 110.61 yen. The euro rose to $1.1866 from $1.1860.
STOCKS OVERSEAS: In France, the CAC 40 rose 0.5 percent and the DAX in Germany lost 0.2 percent. Japan’s benchmark Nikkei 225 lost 0.3 percent and the Kospi of South Korea dropped 1.7 percent. Hong Kong’s Hang Seng sank 0.3 percent.
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