NEW YORK (AP) – U.S. stocks declined Thursday morning, with health care companies taking the biggest losses as drug companies traded lower. Oil prices continued to rise and energy stocks climbed with them. Companies including Kroger and Costco struggled after releasing weak earnings reports.
KEEPING SCORE: The Dow Jones industrial average edged down 18 points, or 0.1 percent, to 16,881 as of 11:10 a.m. Eastern time. The Standard & Poor’s 500 index slipped two points, or 0.1 percent, to 1,984. The Nasdaq composite lost nine points, or 0.2 percent, to 4,694.
CATCHING A COLD: Small losses for big drug companies pulled health care stocks lower. Johnson & Johnson lost $1.28. or 1.2 percent, to $105.76, while Pfizer slipped 31 cents, or 0.9 percent, to $29.70 and Merck fell 74 cents, or 1.4 percent to $51.54.
EARNINGS: Supermarket operator Kroger dropped $3.21, or 7.9 percent, to $37.43 after investors were disappointed with its quarterly sales and its forecasts. Costco Wholesale fell $2.89, or 1.9 percent, to $149.90 after its profit and sales came up short of Wall Street’s forecasts.
Mining equipment maker Joy Global climbed $2.37, or 17.8 percent, to $15.69 after its first-quarter sales were stronger than expected. 3D printer maker Stratasys rose $2.77, or 13.3 percent, to $23.66. The company’s fourth-quarter results were better than expected and it gave a strong forecast for 2016.