U.S. stocks slipped following the Standard & Poor’s 500 Index’s best weekly rally this year, as gains in consumer companies were overshadowed by a retreat in Allergan Plc and Pfizer Inc. amid their record $160 billion merger deal.
Allergan and Pfizer slipped more than 2.6 percent. Electronic Arts Inc. fell 4.8 percent as GameStop Inc. said sales of the video-game maker’s Star Wars: Battlefront were weaker than expected. Tyson Foods Inc. gained 10 percent after boosting its dividend and its profit outlook was better than some analysts expected. Kellogg Co. rallied the most in almost a year after an analyst upgrade.
The S&P 500 fell 0.1 percent to 2,086.59 at 4 p.m. in New York, after rising 3.3 percent last week, the most since December. The Dow Jones Industrial Average lost 31.13 points, or 0.2 percent, to 17,792.68. The Nasdaq Composite Index declined 0.1 percent. The Russell 2000 Index increased 0.4 percent, bolstered by gains in health-care and consumer discretionary shares. About 6.2 billion shares traded hands on U.S. exchanges 17 percent below the three-month average.