U.S. Stocks Fall Amid S&P Outlook for America, China Data
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U.S. stocks declined, following the biggest two-day gain for the Standard & Poor’s 500 Index since January, as investors weighed S&P’s move to boost its outlook for America and Chinese data missed estimates.
Apple Inc. lost 0.7 percent after introducing a music-streaming service. Homebuilders slumped as bond yields surged and JPMorgan Chase & Co. cut its rating on Lennar Corp. McDonald’s Corp. climbed 1.3 percent on better-than-estimated sales growth in May as the Dollar Menu and breakfast items helped drive the U.S. business. Monsanto Co. jumped 4.5 percent as Argentina said China has agreed to accept imports of the company’s genetically modified Intacta soybeans.