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U.S. stocks ended lower Monday, erasing some of their modest gains from last week, as investors awaited the conclusion of a Federal Reserve policy meeting later this week. A drop in oil prices and a spate of disappointing earnings reports weighed on shares, though analysts noted that moves were magnified by below-average trading volume. The S&P 500 slid 3.79 points, or 0.2%, to 2,087.81, as energy, materials and industrial shares underperformed. The Dow Jones Industrial Average lost 26.51 points, or 0.2%, to 17,977.24, with Caterpillar Inc. and Visa Inc. leading the decliners. The Nasdaq Composite fell 10.44 points, or 0.2%, to 4,895.79.

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From:: Stock Market News

Gold futures rose Monday, with the June contract on Comex rising $10.20, or 0.8%, to close at $1,240.20 an ounce. The bounce saw gold claim back just over half of Friday’s sharp fall. Analysts tied the rebound in part to renewed pressure on the U.S. dollar. A weaker U.S. currency is seen as a boost to commodities priced in dollars as it makes them cheaper in other currencies.

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From:: Stock Market News

CVS Pharmacy, the retail division of CVS Health , said it has voluntarily recalled cases of Gold Emblem Abound Organic Spiced Herbal Tea over concerns about a possible salmonella contamination. CVS was notified of the contamination risk after an ingredient produced by the manufacturer’s raw material supplier tested positive for salmonella in another product. The recall only impacts Gold Emblem Abound Organic Spiced Herbal Tea with the best-by date of March 18, 2018. About 200 units were sold before the recall was announced on Sunday. CVS said it is not aware of any reported cases of illness, has placed a “do not sell” block on the store register system, and has removed the products from shelves. Customers can return the product to stores for a refund. CVS Health shares are flat in Monday trading. Company shares are up 7.8% for the past three months, while the S&P 500 is up 10.8% for the same period.

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From:: Stock Market News

Walgreens Boots Alliance Inc. said Monday that it will make opioid antidote Naloxone available at more than 110 pharmacies in Alabama without a prescription. Naloxone is used in the event of an overdose to combat the effects of heroin and other opioid drugs. Walgreens announced in February that it would make Naloxone available in 35 states and Washington D.C. without a prescription. Two weeks ago, the pharmacy chain said it would make the drug available across Pennsylvania without a prescription. It’s now available in more than 1,300 pharmacies. Walgreens shares are down 0.2% on Monday, and down 7% over the past year. The S&P 500 is down 1.7% for the last 12 months.

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From:: Stock Market News

L Brands Inc.’s stock rose 1.3% in morning trade Monday, bucking the selloff in the broader stock market, after Stifel Nicolaus said it turned bullish on the apparel retailer because the recent tumble in price is “overdone.” Analyst Richard Jaffe raised his rating to buy from hold, and instituted a stock price target of $90, which is 16% above current prices. The stock had plunged 20% year-to-date through Monday, to close at a 17-month low, amid concerns over its large store footprint and uncertainty surrounding the restructuring at Victoria’s Secret. Jaffe said he believes the changes being made “are the right moves,” and will strengthen the business longer term. “While we acknowledge there may be a better entry point into the name over the next several weeks, we believe the risk/reward is attractive at the current share price,” Jaffe wrote in a note to clients. While the stock rose in morning trade, the SPDR S&P Retail ETF slid 0.9% and the S&P 500 gave up 0.6%.

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From:: Stock Market News

Perrigo Co.’s lowered profit outlook, as a result of pricing pressures caused by increasing competition, is weighing on the shares of its generic competitors. Shares of Mylan N.V. slumped 3.9% and of Allergan PLC shed 1.5%. Among others in the generic drug business, Endo International PLC’s stock dropped 2.9% and Mallinckrodt PLC’s fell 2.1%, while Teva Pharmaceutical Industries Ltd.’s eased 0.1%. Meanwhile, Evercore ISI analyst Umer Raffat said he didn’t see much of an overlap between Perrigo’s prescription portfolio and the generics from Allergan, Mylan or Teva. Perrigo’s stock tumbled 9.5%, and was heading to the lowest close since February 2013.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks opened lower Monday amid a spate of weak earnings reports as investors looked ahead to meetings of the Federal Reserve and Bank of Japan later in the week. The S&P 500 dropped 4 points, or 0.2%, to 2,086, led lower by energy shares as oil prices flirted with declines. The Dow Jones Industrial Average slid 50 points, or 0.3%, to 17,946. The Nasdaq Composite shed 15 points, or 0.3%, to 4,891. KKR & Co. and Xerox Corp. shares tumbled after both companies reported weaker than expected results.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News