NEW YORK (AP) — U.S. stocks fell in early trading Tuesday as investors evaluated the most recent earnings reports and waited for more news on the economy.
Tenet Healthcare plunged after the hospital operator said that its third-quarter profit fell, in part because of costs associated with its $4.3 billion acquisition of Vanguard Health Systems. Fastenal dropped after the industrial and construction supplies company rescheduled a sales and revenue release for next month.
The stock market is still close to record levels after a surge that has put the Standard & Poor's 500 index on track for its best performance since 2009. Stocks have gained as the Federal Reserve kept up its economic stimulus and as company earnings edged higher.
The S&P 500 index fell nine points, or 0.5 percent, to 1,759 in early trading. The Dow Jones industrial average dropped 93 points, or 0.6 percent, to 15,547. The Nasdaq composite fell 17 points, or 0.5 percent, to 3,917.
Tenet dropped $4.48, or 9 percent, to $43.77. That pared the stock's gain this year to 35 percent. Fastenal dropped $2.89, or 5.6 percent, to $49.
Investors are also waiting for the Labor Department's closely watched monthly jobs survey, which was delayed a week by the 16-day partial shutdown of the U.S. government. The report is due out Friday.
In government bond trading, the yield on the 10-year note climbed to 2.67 percent from 2.60 percent on Monday.
In the commodities markets, the price of oil fell 97 cents, or 1 percent, to $93.69 a barrel. Gold edged down $8 to $1,306.80 an ounce.
Among other stocks making big moves:
— CVS Caremark rose $1.07, or 2 percent, to $63.15 after its third-quarter income climbed 25 percent, beating Wall Street expectations. The drugstore operator and pharmacy benefits manager also raised its 2013 earnings forecast.
— Regeneron jumped $14.67, or 5 percent, to $296.25 after the pharmaceutical company posted earnings that beat analysts' expectations. The company also reported strong growth of its eye disease drug Eylea.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Original headline: Stocks move lower in early trading on Wall Street
Most Popular Stories
- Tablets, Cars Drive AT&T Gains
- 2015 Mazda MX-5 Miata Is Fast and Eager
- Small Businesses Add 3 More Worries to Their List
- DOMA Tech Adding Jobs to Process VA Claims
- Apple Warns of China iCloud Attack
- Job Hunting Is Hard Work
- Tech Firms Flock to LA's 'Silicon Beach'
- Stocks Subdued After Gains Earlier in Week
- Ford, GM Expect to Report Strong Profits
- Consumer Prices Edge Up, Surprising Economists