NEW YORK (AP) – U.S. stocks are slipping Tuesday morning as investors worry about the health of Europe’s banks. Utility and consumer products companies are taking some of the biggest losses. Bond prices are falling and sending yields higher, and the price of oil is rebounding after a sharp fall.
KEEPING SCORE: The Dow Jones industrial average fell 75 points, or 0.4 percent, to 18,329 as of 10:14 a.m. Eastern time. The Standard & Poor’s 500 index lost 12 points, or 0.5 percent, to 2,159. The Nasdaq composite slid 31 points, or 0.6 percent, to 5,153.
CRUISING FOR A BRUISING: Cruise line operator Royal Caribbean cut its forecasts for the year as the strong dollar continues to affect its results. Its stock lost $4.27, or 5.9 percent, to $67.59.
CONSUMER WOES: Auto companies reported their U.S. sales in July. General Motors said its sales fell 2 percent and Ford said sales fell 3 percent. Experts expect a drop in sales because of hot weather, and investors are worried that after setting records, U.S. auto sales may have peaked. GM stock shed $1.10, or 3.5 percent, to $30.20 and Ford lost 39 cents, or 3.1 percent, to $12.09.
CLEAN BILL OF HEALTH: Drugstore chain and pharmacy benefits manager CVS Health raised its 2016 forecasts as specialty drug prices kept rising and deals for Omnicare and Target’s pharmacy and clinic unit boosted its results. Its stock rose $3.53, or 3.8 percent, to $97.02.