Wall Street moves lower as quarterly earnings loom
Wall Street declined on Monday as gains in Microsoft and other technology stocks failed to offset a dip in Medtronic and other healthcare stocks.
The S&P healthcare index <.spxhc> moved down 0.76 percent, weighed by a 3.6-percent slide in Medtronic
The S&P 500 has rallied 14 percent in 2017, buoyed by strong company earnings and enthusiasm that President Donald Trump will cut corporate taxes.
"This is a nervous, unpopular bull market. If a company just meets earnings or - God forbid - misses earnings, the market is going to crush that particular stock," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.
Overall, earnings at S&P 500 companies are expected to have increased 4.8 percent last quarter, according to Thomson Reuters data, down from the double-digit growth recorded in the first two quarters of this year.
At 3:01 pm ET, the Dow Jones Industrial Average <.dji> was down 0.08 percent at 22,755.17 points, while the S&P 500 <.spx> had lost 0.18 percent to 2,544.83.
The Nasdaq Composite <.ixic> dropped 0.13 percent to 6,581.67.
Shares of cinema stocks AMC Entertainment Holdings
Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.46-to-1 ratio favoured decliners.