NEW YORK – U.S. stocks declined for a third day, amid disappointing results from Allstate and CVS Health while Apple slipped further into a correction.
Allstate lost 10 percent as the insurer’s profit plunged on a surge in auto claims. CVS fell 2.5 percent after narrowing its earnings forecast. Apple sank 3.2 percent to a six-month low. Regeneron Pharmaceuticals and Sprint gained more than 4.4 percent as their earnings exceeded analysts’ forecasts. Baxalta surged 12 percent after Shire offered to buy the company for about $30 billion.
The Standard & Poor’s 500 index lost 0.2 percent to 2,093.32, slipping below its average price during the past 100 days. The Dow Jones industrial average fell 47.51 points, or 0.3 percent, to 17,550.69. The Nasdaq composite index retreated 0.2 percent. About 6.5 billion shares traded hands on U.S. exchanges, in line with the three-month average.
“There’s some concern over Apple — it’s a big stock that has a big impact on all the indexes,” said Randy Warren, who manages more than $100 million at Warren Financial Service & Associates. “We’ve seen a lot of companies struggling this earnings season. There are a lot of global growth concerns out there.”
Tech companies lost 0.7 percent as Apple fell for a fifth day, extending its decline over the period to 7.1 percent. The shares have fallen in 10 of the past 11 sessions, only the second time that’s occurred since 1997. Apple’s retreat on Monday pushed it below the 200-day moving average, a level of resistance commonly watched by market technicians, for the first time since 2013.