Wall Street pauses after recent surge, Walgreens slides on profit warning

- A three-day surge in U.S. stocks stalled on Tuesday, as a downbeat forecast from drugstore chain Walgreens Boots hit the pharma sector and economic data did little to ease growth concerns.

The S&P consumer staples index was down 0.7%, leading declines among nine of the 11 major S&P sectors that were down. Rival CVS Health Corp fell 3%, while shares of several drug wholesalers also took a hit.Orders for non-defense capital goods excluding aircraft, or core capital goods orders, a closely watched proxy for business spending plans, fell 0.1%. Economists polled by Reuters had forecast it to remain unchanged.

“Incrementally better-than-expected data might move this market higher, which was not the case in today’s durable goods number.” Despite coming under pressure, the S&P 500 is 2.4% away from a record closing high hit in late September, held back by trade uncertainties, the Federal Reserve’s plans to end monetary policy tightening, Britain’s chaotic exit from the European Union and concerns about corporate profit growth.

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