U.S. stocks fell, sending the Standard & Poor’s 500 Index to its lowest level in a month, as weaker-than-estimated data added to concerns about slowing growth before Friday’s government jobs report.
Apple Inc., Hewlett-Packard Co. and Microsoft Corp. dropped for a third session, weighing on technology shares. Alexion Pharmaceuticals Inc. tumbled 8 percent after agreeing to buy Synageva BioPharma Corp. for $8.4 billion, and Pfizer Inc. declined as health-care slumped. Devon Energy Corp. rose 1 percent after boosting its production forecast.
The S&P 500 Index fell 0.4 percent to 2,080.20 at 4 p.m. in New York, near its average price during the past 100 days.
Equities extended their declines after Federal Reserve Chair Janet Yellen said equity market valuations are quite high and could be a potential source of financial instability, in remarks on a panel in Washington.