Stocks edge lower; Deere, Fossil sink
NEW YORK (AP) — Stocks edged lower in early trading Wednesday, a day after the stock market closed at a record high.
KEEPING SCORE: The Standard & Poor's 500 index fell four points, or 0.2 percent, to 1,893 in the first half-hour of trading. The Dow Jones industrial average dropped 53 points, or 0.3 percent, to 16,662. The Nasdaq composite fell 11 points, or 0.2 percent, to 4,118.
TOUCHING A MILESTONE: The S&P 500 crossed 1,900 for the first time during trading Tuesday, but closed slightly below that level. Stocks have gained as most investors remain optimistic that the economy will start to accelerate this year following a cold winter that stymied growth.
DEERE ME: Deere fell $1.29, or 1.4 percent, to $92.32 after the company reported a 9.5 percent decline in second-quarter net income on Wednesday on lower demand for farming equipment and cut its sales forecast for the year
FOSSIL FALL: Fossil Group fell $9.55, or 8.6 percent, to $101.70 in premarket trading, after the watch, jewelry and accessories maker said late Tuesday that its first-quarter net income fell 8 percent, despite sales gains across all its business segments. The quarter's results beat market expectations, but the company gave a weak forecast.
TREASURYS AND COMMODITIES: Government bond prices rose. The yield on the 10-year Treasury note fell to 2.58 percent from 2.61 percent. The price of oil rose 54 cents, or 0.5 percent, to $102.14 a barrel.