NEW YORK (AP) — U.S. stocks are falling Wednesday morning after setting records the last two days. Health care companies are taking some of the biggest losses. Drugmaker Eli Lilly is plunging after a potential treatment for Alzheimer's disease failed in a study. Technology stocks are also lower after HP released a weak profit forecast.
KEEPING SCORE: The Dow Jones industrial average fell 8 points to 19,015 as of 9:53 a.m. Eastern time. The Standard & Poor's 500 index skidded 7 points, or 0.3 percent, to 2,195. The Nasdaq composite lost 32 points, or 0.6 percent, to 5,354. The Russell 2000 index of small-company stocks, which has risen for the previous 13 trading days, fell 0.5 percent.
ELI LILLY TUMBLES: Eli Lilly dropped after saying a potential treatment for Alzheimer's disease failed in a clinical trial. The company said solanezumab did not slow down patients' mental decline compared to a placebo. Lilly fell $9.45, or 12.4 percent, to $66.54, its lowest value in more than two years. Other drugmakers also slumped. Biogen sank $17.85, or 5.6 percent, to $300.26 and Merck fell 74 cents, or 1.2 percent, to $60.96.
OH, DEERE! Agricultural and construction equipment maker Deere disclosed a bigger profit than analysts expected. Deere's business has been hurt by a slowdown construction and low commodity prices, which have caused farmers to cut back on purchases of equipment. The stock advanced $8.63, or 9.4 percent, to $100.65 and reached an all-time high.
CALL TECH SUPPORT: Printer and PC maker HP lost ground after it issued a profit forecast that disappointed investors. Its stock gave up 50 cents, or 3.1 percent, to $15.45. Other technology companies traded lower as Alphabet, Google's parent company, slid $10.12, or 1.3 percent, to $774.88 and Facebook shed $1.23, or 1 percent, to $120.24.
OUT OF STYLE: Urban Outfitters fell after its quarterly profit and sales came up short of expectations. Its stock lost $3.33, or 8.5 percent, to $35.68.
CURRENCY: The dollar climbed higher and rose to 112.28 yen from 111.14 yen. The euro fell to $1.0556 from $1.0624.
BONDS: Bond prices dropped and yields moved higher. Yield on the 2-year Treasury note rose to 1.12 percent from 1.09 percent. The yield on that note is at its highest in more than six years. The yield on the 10-year Treasury note rose to 2.38 percent from 2.31 percent, its highest in almost a year and a half.
ENERGY: Benchmark U.S. crude fell 44 cents to $47.59 per barrel in New York. Brent crude, used to price international oils, shed 40 cents to $48.72 a barrel in London.
OVERSEAS: Germany's DAX index shed 0.8 percent and the CAC 40 in France dropped 0.6 percent. Britain's FTSE 100 slid 0.4 percent. The Kospi in South Korea advanced 0.2 percent and Hong Kong's Hang Seng ended unchanged. Japanese markets were closed for a holiday.