Health care companies, banks help pull US stocks lower

By ALEX VEIGA

AP Business Writer

U.S. stocks veered broadly lower in early trading Monday as losses in health care companies and banks outweighed gains elsewhere. Energy companies declined along with the price of crude oil. Toy makers slumped after Hasbro reported quarterly results that fell well short of Wall Street’s expectations.

KEEPING SCORE

The S&P 500 index fell 12 points, or 0.5 percent, to 2,755 as of 10:12 a.m. Eastern Time. The Dow Jones Industrial Average lost 90 points, or 0.4 percent, to 25,353. The Nasdaq slid 14 points, or 0.2 percent, to 7,434. The Russell 2000 index of smaller—company stocks picked up 2 points, or 0.1 percent, to 1,544.

EARNINGS SEASON

Investors have been worried in recent weeks about potential threats to corporate growth, including rising interest rates, trade tensions between the U.S. and China, and some sluggish reports about housing construction and sales. This week traders’ focus turns to corporate earnings as companies roll out their latest quarterly results over the next couple of weeks.

BROKEN TOYS

Hasbro slumped 5.6 percent to $92.42 after the toy maker reported disappointing third—quarter results, partly due to lost sales following the demise of Toys R Us. Rival Mattel also declined, shedding 2.1 percent to $13.92.

ON THE HOT SEAT

Lennox International shares fell 6.4 percent to $180.85 after the maker of residential heating and cooling products reported quarterly revenue that fell short of analysts’ forecasts. The company also lowered its fiscal year earnings guidance.

COSTLY DELAY

Bristol—Myers Squibb declined 5.4 percent to $51.39 after the drugmaker said regulators extended a review of a cancer treatment regimen by three months, delaying its approval.

ENERGY

Benchmark U.S. crude fell 0.6 percent to $68.71 per barrel in New York. Brent crude, used to price international oils, slid 0.4 percent to $79.47 per barrel in London. The slide in oil prices weighed on energy stocks. Halliburton fell 2.5 percent to $36.59.