Stocks Ended Lower, Weighed by Material and Health Care
- Tuesday, August 8, 2017, 16:50
- Stock Market
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U.S. stocks closed lower on Tuesday, with material and health care stocks leading the retreat from record levels. The Dow Jones Industrial Average fell 33.08 points, or 0.15%, to 22,085.34. The S&P 500 lost 5.99 points, or 0.24%, to 2,474.92. The Nasdaq Composite slid 13.31 points, or 0.21%, to 6,370.46.
Oil prices fell for a second straight session in volatile trade Tuesday as investor sought details from an OPEC meeting to discuss a deal to further cap crude oil production. West Texas Intermediate futures slid 22 cents, or 0.5% to settle at $49.17 a barrel. Brent crude reversed gains to finish 0.4% lower at $52.14 a barrel.
The Walt Disney Company reported third-quarter earnings of $1.58 per share, topping Wall Street expectations, but revenue missed. Year over year, third-quarter earnings for the period ending July 1 were down about 2%, from $1.62 a year ago. Revenues totaled $14.24 billion.
Fossil Group Inc. (FOSL) posted a sizeable loss on the back of a steep drop in stock price. It also announced the departure of its finance chief. Fossil reported it swung to a second-quarter loss of $344.7 million, or $7.11 a share, from a profit of $6 million, or 12 cents a share, a year earlier. Revenue fell to $596.8 million from $685.4 million.
Gate Entertainment Corp. (LGF.A) reported its fiscal first-quarter earnings rose to $173.8 million, or 80 cents a share, from $1.3 million, or a penny a share, a year earlier. Revenue jumped to $1.01 billion from $553.6 million.
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