Stocks fell on Thursday following the release of lackluster U.S. economic data and amid ongoing trade discussions between the Trump administration and its Chinese counterparts.
The Dow Jones Industrial Average fell 103.81 points to 25,850.63 as Walgreens Boots Alliance lagged. The S&P 500 dipped 0.35 percent to 2,774.88, led lower by the energy and health care sectors. The Nasdaq Composite fell 0.4 percent to 7,459.71, snapping an eight day winning streak.
Durable goods orders for December rose 1.2 percent, the Commerce Department said. The department also said core capital goods orders fell 0.7 percent while economists polled by Reuters expected a gain of 0.2 percent.
The Philadelphia Federal Reserve business index fell to negative 4.1 in February — its lowest level since May 2016 — from 17 in January. Economists polled by Dow Jones expected a print of 14.
"The fundamental data, as it gets worse, will start having a negative effect on asset prices again over the next couple of quarters," said Hugo Rogers, chief investment strategist at Deltec International Group. "At that point, the Fed might have to do something more dramatic than waiting and seeing."
IHS Markit also said its U.S. manufacturing purchasing managers' index fell to 53.7 in February, a 17-month low, from 54.9 last month. IHS Markit said in a release that survey respondents cited "a soft patch for client demand, partly linked to uncertainty across manufacturing supply chains and concerns about the global trade outlook."
Meanwhile, the Conference Board's leading economic index fell for the second straight month in January, marking the index's first back-to-back pullback since early 2016.