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US stocks pull back in midday trading as oil prices drop

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NEW YORK (AP) — Stocks are pulling back in midday trading, led by declines in energy companies as the price of crude oil and other commodities turn lower.

Murphy Oil fell 12 percent and oil rig operator Transocean lost 9 percent Tuesday.

Hamburger chain Shake Shack dropped 11 percent after delivering results and an outlook that disappointed investors.

Traders were also discouraged by weak trade figures from China.

The Dow Jones industrial average fell 63 points, or 0.4 percent, to 17,011 as of 11:45 a.m. Eastern time.

The Standard & Poor’s 500 index fell 12 points, or 0.6 percent, to 1,989. The Nasdaq composite gave up 27 points, or 0.6 percent, to 4,681.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.82 percent.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

Stocks are pulling back in morning trading Tuesday as oil prices slip and energy companies drop sharply. Chesapeake Energy and Southwestern Energy plunged. Traders were also discouraged by weak trade figures from China.

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KEEPING SCORE: The Dow Jones industrial average fell 112 points, or 0.7 percent, to 16,962 as of 11:27 a.m. Eastern time. The Standard and Poor’s 500 index fell 18 points, or 0.9 percent, to 1,984. The Nasdaq composite gave up 40 points, or 0.9 percent, to 4,668.

THE QUOTE: “We’re overbought,” said Chief Investment Officer Bill Stone of PNC Asset Management Group, noting that the S&P 500 is up about 10 percent from mid-February. “People are taking some profits off of the larger run-up from the low.”

SHAKE QUAKE: Hamburger chain Shake Shack dropped $4.37, or 10 percent, to $37.86 after delivering results and an outlook that disappointed investors.

SALES SLIP: Dick’s Sporting Goods fell $1.13, or 2.6 percent, to $43.25. Its fourth-quarter results fell short of analysts’ expectations as a warmer-than-usual winter crimped the retailer’s sales. Its guidance for the future also disappointed.

URBAN JUMPS: Urban Outfitters jumped $4.05, or 14 percent, to $32.21 after the retailer reported strong earnings and improved margins during the holiday season. The Philadelphia-based company said it earned $72.9 million, or 61 cents per share, in its fourth quarter ended Jan. 31, better than analysts expected.

OIL FALLS: Benchmark U.S. crude fell 93 cents, or 2.3 percent, to $37 a barrel on the New York Mercantile Exchange. It jumped $1.98 on Monday. Brent crude, which is used to price international oils, fell 75 cents to $40.12 a barrel.

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CHINA TRADE: China’s exports plunged 25 percent in February from a year earlier, as weak global demand and a business shutdown during the Lunar New Year holiday combined to depress sales. Customs data Tuesday also showed imports fell 14 percent.

EUROPE DOWN: France’s CAC 40, Germany’s DAX and Britain’s FTSE 100 each fell 1.2 percent.

ASIA’S DAY: Japan’s benchmark Nikkei 225 dropped 0.8 percent and South Korea’s Kospi lost 0.6 percent. Hong Kong’s Hang Seng index shed 0.7 percent.

CURRENCIES: The euro rose to $1.1046, up from $1.1013. The dollar edged down to 112.77 yen from 113.27 yen.

BONDS: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.82 percent from 1.91 percent late Monday.