Staples tumbled 13 percent after forecasting second-quarter profit that was less than analysts estimated. Urban Outfitters sank 8.8 percent as earnings missed forecasts.
The Standard & Poors 500 Index slipped 0.7 percent to 1,872.86 at 4 p.m. in New York. The Dow Jones Industrial Average fell 137.33 points, or 0.8 percent, to 16,374.53. The Russell 2000 Index of small-cap stocks slid 1.5 percent.
The S&P 500 climbed 0.4 percent yesterday in one of the slowest trading days of the year as Internet and smaller companies extended a rebound from last weeks losses. The benchmark index closed at an all-time high of 1,897.45 on May 13 before a selloff in small-cap stocks spread to the broader market.
Copy Source: Bloomberg