Stocks Turned Lower; New-home Sales Dropped 6.8%

U.S. stocks ticked modestly lower after a housing report showed that sales of new-single family homes in the U.S. dropped to the slowest pace in seven months.The Dow Jones Industrial Average lately fell 53.25 points, or 0.30%, to 17,678.67. The S&P 500 was down 7.16 points, or 0.34%, to 2,094.99. The Nasdaq Composite shed 6.32 points, or 0.12%, to 5,140.09.

Sales of new single-family homes dropped in June to the slowest pace in seven months, according to data released Friday that signaled a hiccup for the market. The annual sales pace for new single-family homes in the U.S. fell 6.8% last month to 482,000, with drops in three of four regions, the U.S. Commerce Department.