Sharp losses for retailers pull stock US indexes lower

NEW YORK (AP) — U.S. stocks are mostly lower today as sporting goods companies and car parts retailers slump. Bond prices are falling and yields are climbing, which is giving banks a lift. Stocks are coming off their biggest one-day gain in more than three months as the market recovered from last week's turmoil.

The Standard & Poor's 500 index dipped 2 points, or 0.1 percent, to 2,463 as of noon Eastern time. The Dow Jones industrial average remained at 21,993. Nasdaq composite fell 9 points, or 0.1 percent, to 6,331. The Russell 2000 index of smaller-company stocks shed 8 points, or 0.6 percent, to 1,385.

Dick's Sporting Goods cut its annual forecast after a weak second quarter. The sporting goods chain said athletic apparel sales were weak and it plans to do more marketing and cut prices as it tries to keep its market share. Its stock plunged $6.97, or 20 percent, to $27.94.

Companies that make and sell sporting goods also skidded. Foot Locker fell $1.98, or 4 percent, to $47.34. Nike shed $1.18, or 2 percent, to $58.61 and Under Armour lost 71 cents, or 4.1 percent, to $16.40. Hibbett Sports dropped $1.40, or 10 percent, to $12.55.

Auto parts retailer Advance Auto Parts tumbled after it slashed its annual forecasts. The company and its competitors are facing weakening demand because car sales are slowing down from their recent record pace.

Meanwhile competition from online retailers is growing. Advance Auto Parts dropped $27.01, or 24.7 percent, to $82.31. Its competitors held up far better. O'Reilly Automotive gave up $1 to $197.44 and AutoZone sank $9.18, or 1.7 percent, to $516.14. All three have taken steep losses this year.

Warren Buffett's Berkshire Hathaway bought stock in Synchrony Financial and picked up more shares of Bank of New York Mellon. It sold its remaining shares of General Electric and continued to reduce its stake in IBM. Synchrony gained $1.18, or 4 percent, to $30.82 and Bank of New York Mellon picked up 27 cents to $53.10. GE fell 20 cents to $25.16.