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U.S. stock indexes fell Friday as investors dumped shares of biotechnology companies after disappointing results from Biogen and as materials and energy stocks continued to lag.
By the close the Dow Jones had fallen 163 points to 17569. The S&P 500 lost over 1% to finish at 2080 while the NASDAQ dropped 1.1% to 5089.
Biogen (NASDAQ:BIIB) tumbled 21.5 percent to $302.41 after the maker of multiple sclerosis drug Tecfidera cut its 2015 earnings forecast as sales growth for its key multiple-sclerosis drug continues to weaken.
Declines in main indexes grew sharper after a housing report showed that sales of new single-family homes in the U.S. dropped to the slowest pace in seven months suggesting the U.S. housing market may not be firing on all cylinders.
Stocks are on track to ring up four days of losses in a rough week for Wall Street which has been hurt by disappointing quarterly reports from big companies like Apple Caterpillar and IBM as well as a commodities selloff.
Wall Street round-up
AbbVie (NYSE:ABBV) slipped 3.5 percent to $68.09 after reporting weaker-than-expected revenue growth in its latest quarter though adjusted profit came in above expectations.
TripAdvisor (NASDAQ:TRIP) sank 13.4 percent to $80.84 after the online travel company reported earnings and sales fell short of projections as expenses soared.
American Airlines () fell 5.9 percent to $40.10 after the company's quarterly revenue slightly missed the Street consensus. The company also announced the authorization of an addition $2 billion in share buybacks.
Anthem (NYSE:ANTM) fell 3 percent to $150.79 after saying it will buy Cigna (NYSE:CI) in a deal valued at $54.2 billion creating the largest U.S. health insurer by membership.
Visa (NYSE:V) rallied 4.5 percent to $75.01 after the world's largest payments network reported profit that beat predictions fueled by double-digit growth in payment volume despite a similar rise in operating expenses.
Amazon.com (NASDAQ:AMZN) surged 10.3 percent to $530.12. The online retailer reported an unexpected second-quarter profit forecast third-quarter revenue above estimates and reported strong sales in North America and unprecedented growth in its popular Prime two-day unlimited shipping service.
Starbucks (NASDAQ:SBUX) climbed 1.4 percent to $57.36 after the world’s biggest coffee-shop chain posted a 22 percent increase in quarterly profit and an 18 percent jump in revenue.
Xerox (NYSE:XRX) rose 1.4 percent to $10.96 even as the provider of printers and business services provided a downbeat outlook and reported revenue and profit fell in the latest quarter.
Lear (NYSE:LEA) added 1 percent to $99.64 after the world's second-largest maker of automobile seats said its profit grew 22 percent in the June quarter.
AT&T (NYSE:T) rose 1.4 percent to $34.2 after reporting better-than-expected adjusted earnings growth in the second quarter though revenue narrowly missed expectations weighed down by foreign-exchange impacts.
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