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The Dow Jones industrial average fell 167.09 points, or 0.6%, to close at 29,783.35 points. The S&P 500 fell 0.5 percent to 3,609.53 points, while the Nasdaq Composite lost 0.2 percent to close at 11,899.34 points.
Shares in pharmaceutical companies CVS Health and Dow member Walgreens Boots Alliance fell after Amazon launched its pharmacy business, allowing free delivery of drugs to Prime members. Walgreens shares fell 9.6% and CVS lost 8.6%. Amazon shares were up 0.2%.
Home Depot also contributed to the decline in this session, down 2.5%, although third-quarter business results beat forecast. Their income also increased about 24% from the year before the improvement in home buying activity during the pandemic. Walmart shares also fell, closing 2% lower even after the announcement of earlier fund trade results that were better than expected.
Investor sentiment also suffered after economic data showed retail sales rose less than expected in October. Retail sales increased 0.3% last month, compared to growth. 0.5% that economists expected from the Dow Jones survey.
Meanwhile, Tesla shares outpaced the negative market trend, rising 8.2 percent after S&P Dow Jones Indices said the electric car maker would join the S&P 500 index and begin trading. December 21. This is a long-awaited move by Tesla. This year, EV’s shares have more than quadrupled.
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