U.S. stocks headed sharply lower in late trading today as losses among industrials, energy and financials weighed on broader indexes, while investors watched for a breakthrough in Greek debt talks.
The S&P 500 (INDEXSP:.INX) fell 0.2 percent to 2,114.63 at 3:48 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) retreated 0.3 percent to 17,908.11, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) slipped 0.2 percent to 5,114.20.
In early trade, stocks were higher following upbeat economic data, including a report that showed that consumer spending leapt in May, marking the biggest gain in six years, while jobless claims remained at 15-year lows.
Euro-area finance ministers were faced with competing proposals aimed at breaking the five-month impasse after talks between Prime Minister Alexis Tsipras and his country’s creditors failed to produce a compromise. In the absence of an agreement this afternoon, the focus shifts to EU leaders who gather in Brussels for a two-day summit later on today.
DATA:
The Commerce Department said consumer spending increased 0.9 percent last month, the biggest gain since August 2009, after a 0.1 percent rise in April. Personal income increased 0.5 percent last month after a similar gain in April.
Weekly jobless claims rose 3,000 to a seasonally adjusted 271,000 for the week ended June 20 but labor market conditions continued to tighten.
MOVERS:
Barnes & Noble (NYSE:BKS) fell 1.7 percent to $25.88 after the largest U.S. bookstore chain posted a drop in sales for the fourth quarter in a row as demand for its Nook tablets continued to fall and customers stayed away from its brick-and-mortar bookstores.
Winnebago Industries (NYSE:WGO) rose 8.7 percent to $22.49 after the motorhomes maker reported a 7.6 percent rise in quarterly revenue helped by higher shipments of its motorhomes.
Bed Bath & Beyond (NASDAQ:BBBY) fell 1.6 percent to $69.21 after the retailer reported quarterly results that missed expectations.
IAC/InterActive (NASDAQ:IACI) gained 4.8 percent to $80.98 after the media and Internet company announced it is planning an initial public offering of its online dating site Match.com.
Cree (NASDAQ:CREE) sank 10.3 percent to $27.41, a day after the provider of lighting-class light emitting diode (LED) products cut its revenue forecast for the fourth quarter on lower demand for its LED business.
Netflix (NASDAQ:NFLX) fell 2.4 percent to $660.74 after Societe Generale cut the online-streaming service to “sell” from “buy”.
Fitbit (NYSE:FIT) climbed 2.4 percent to $36.94 after Leerink Partners rated the maker of fitness-tracker bracelets similar to a “buy”.
Eli Lilly (NYSE:LLY) increased 3.2 percent to $84.97 after saying a U.K. court ruled in its favor in a vitamin patent suit. The drugmaker’s rating was also raised to “buy” at Bank of America.
Merrimack Pharmaceuticals (NASDAQ:MACK) gained 4.5 percent to $12.43 after the biopharmaceutical company and Baxter International’s Baxalta unit said their new drug application for a pancreatic cancer drug was given priority review status.
Molycorp (NYSE:MCP), a rare earths miner, filed for bankruptcy protection to restructure $1.7 billion of debt.
Accenture (NYSE:ACN) gained 1.8 percent to $99.54 after the provider of management consulting raised its full-year guidance, citing a weaker-than-expected impact from the strong dollar, which also buoyed its results for the May quarter.
COMMODITIES:
Gold for August delivery on Comex fell 0.1 percent to settle at $1,171.80 an ounce.
July crude declined by 1 percent to settle at $59.70 a barrel.