US stocks veer lower, on track to snap rally

U.S. stocks cut in day trading Tuesday as the market gave back some of its gains from a three-day winning streak.

Consumer products, industrial and power businesses accounted for much of the slide.

Health care companies also declined. Walgreens Boots Alliance dove after it slashed its forecast following a weak quarter. Competitor CVS followed it lower.

Communications and technology industry stocks bucked the downward tendency. Facebook rose 3 percent and Western Digital gained 2.9 percent.

Dow Inc., which makes plastics and other products to the industrial and consumer applications, increased 4.4% on its first day of trading after being spun away from chemical manufacturer DowDuPont.

The modest slide in shares marks a reversal . The benchmark S&P 500 completed the January-March interval in a decade using its largest quarterly gain. The index is now up 14.4% annually, and would need to climb just 2.3percent to regain the peak it reached September 20.

Traders are gearing up to get a ton of business earnings this month, weekly as the next wave of company results kick into gear.

Wall Street expects a contraction in earnings during the first quarter. Any firm commentary for their prospects for the upcoming few quarters will be significant in giving investors and analysts a better picture of the economy.

Officials in the world’s two biggest economies are aiming to place to rest a dispute over technology and other issues.

ANALYST’S TAKE: Investors are not sure since they consider uncertainty over trade issues and warnings over a poor quarter for businesses which path to move.

“Nobody would like to buy with handsjust in case,” he explained. “But, individuals will not aggressively sell everything as well, just in case.”

The Russell 2000 index of smaller company stocks grew up 0.3 percent.

European stock indexes headed higher.

TAKE AN ASPIRIN: Walgreens had a headache of a quarter brand-name medication prices stalled , generic medication prices dropped and as prescription expenses were trimmed by insurers.

Al those factors caused a fall in second-quarter profit, which the CEO of the company described as the toughest quarter the nation’s largest drugstore has faced since forming.

Walgreens also slashed its forecast.

The stock dropped 12.4% and helped push key competitor CVS Health by 3.1%.

The business said it extended a credit card venture with American Express and fuel prices were less than expected.

Other airlines also rose. United Continental climbed 3% and American Airlines Group added 2.6 percent, and JetBlue Airways climbed 1.7%.

LOADED POTATO: Lamb Weston Holdings rose 0.3% following the potato products company defeat quarterly profit and earnings forecasts. It raised its sales forecast. The business specializes in frozen potato products, such as mashed potatoes, french fries and hash browns.