US STOCKS-Wall St falls on earnings; data caps decline

martes 5 de agosto de 2014 11:24 GYT
 

* U.S. services sector growth fastest in 8-1/2 years -ISM

* Coach shares up after results, Target slides

* Indexes off: Dow 0.3 pct, S&P 0.3 pct, Nasdaq 0.1 pct (Updates to morning trading, adds data, comment)

By Rodrigo Campos

NEW YORK, Aug 5 (Reuters) - U.S. stocks fell on Tuesday, weighed by earnings such as Target's and a drop in energy shares, but indexes cut losses after strong U.S. data offset a weak reading in China's services sector.

Energy stocks posted the largest losses on the S&P 500, down 1.1 percent with crude oil prices down as increasing supply overshadowed political tensions.

Retailer Target cut its second-quarter earnings estimate due to higher promotions and discounts and its shares fell 2.6 percent to $59.10.

But new orders for U.S. factory goods rose more than expected in June as demand increased across the board, while a measure of growth in the services sector increased at the fastest rate in 8-1/2 years.

"If we work on the assumption that we are worried about the China demand story as their economic data came out this morning a bit softer, we really can't have it both ways if we see significant improvement both in factory orders and the ISM non-manufacturing in the U.S.," said Art Hogan, chief market strategist at Wunderlich Securities in New York.   Continuación...