* Trump says he seeks to bring down drug pricing
* Rate hike odds for March stand at 83 pct
* Indexes down: Dow 0.1 pct, S&P 0.19 pct, Nasdaq 0.11 pct
(Updates to mid-afternoon, changes byline)
By Chuck Mikolajczak
NEW YORK, March 7 U.S. stock prices dipped on
Tuesday, as weakness in drug and financial shares put the S&P
500 and the Dow Jones Industrial Average on pace to register
their first consecutive declines in more than a month.
Pharmaceutical stocks came under pressure after President
Donald Trump tweeted that he was working on a "new system" to
reduce drug prices in the industry, without providing details.
Trump also backed a draft bill unveiled by Republicans on
Monday to repeal and replace the Obamacare healthcare law, but
said the bill was open to negotiation.
The S&P 500 healthcare index fell 0.4 percent while
the NYSE Arca pharmaceutical index declined 0.6 percent.
"Nothing that I have seen in the healthcare arena has said
it is better or worse than what we have now," said Kim Forrest,
senior equity research analyst, Fort Pitt Capital Group in
"Everyone that is a provider in that ecosystem has a target
Financials, the best performing S&P sector since the
November election, slipped 0.2 percent, pulled lower by losses
in Wells Fargo and JPMorgan.
Investors were also preparing for the possibility of an
interest rate hike when the U.S. Federal Reserve meets next
week. A number of key officials, including Chair Janet Yellen,
have made comments indicating a hike is likely at its March
That has pushed expectations for a quarter point rate hike
to 83 percent, up from about 30 percent last week, according to
Thomson Reuters data.
Friday's employment report could cement expectations for a
rate hike at the next Fed meeting.
The Dow Jones Industrial Average fell 21.14 points,
or 0.1 percent, to 20,933.2, the S&P 500 lost 4.61
points, or 0.19 percent, to 2,370.7 and the Nasdaq Composite
dropped 6.18 points, or 0.11 percent, to 5,842.99.
Newly minted shares of Snapchat owner Snap Inc
plunged 11.6 percent to $21.01 after analysts gave the company a
lukewarm reception following its red-hot market debut,
Nimble Storage soared 45.5 percent after Hewlett
Packard Co said it would buy the data storage provider
for $1.09 billion in cash. HPE's stock slipped 0.2 percent to
Dish Network was up 4.8 percent at $64.16 after S&P
Dow Jones Indicies said the satellite TV company will join the
S&P 500 on March 13.
Declining issues outnumbered advancing ones on the NYSE by a
2.21-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored decliners.
The S&P 500 posted 17 new 52-week highs and 12 new lows; the
Nasdaq Composite recorded 50 new highs and 49 new lows.
(Reporting by Chuck Mikolajczak; Editing by Frances Kerry)