MARKET SNAPSHOT: U.S. Stocks Fall; PMI, Home Sales Disappoint

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks deepened losses after a pair of disappointing reports on manufacturing and the housing market, putting the S&P 500 and Nasdaq Composite on track to break their six-day winning streaks.

Investors also focused on a batch of mixed earnings releases, while awaiting results after the bell from heavyweights Apple, Inc. and Facebook, Inc.

The S&P 500 (SPX) fell 3 points, or 0.2%, at 1,876.42. The Dow Jones Industrial Average (DJI) slipped 24 points, or 0.1%, to 16,490.41.The Nasdaq Composite (RIXF) is down 27 points, or 0.7%, to 4,133.70.

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The S&P 500 has been trading near record levels, while the blue-chip index is less than 100 points off its record closing level reached on Dec. 31, 2013.

In economic news, sales of new single-family homes plunged 14.5% to a seasonally adjusted annual rate of 384,000, the lowest level since July, with drops in three of four U.S. regions, the government reported Wednesday. Economists polled by MarketWatch had expected a March sales pace of 450,000.

Markit's preliminary reading on the manufacturing purchasing managers' index for April slipped to 55.4, disappointing investors who were expecting a slight rise from March.

Earnings reports remain the main attraction on Wednesday. Boeing Co. (BA) reported an 8% rise in first-quarter sales ahead of the open, sending shares up 2.7%.

Delta Air Lines Inc. (DAL) shares rose 5.7% after the carrier said operating revenue improved 5%, while Dow Chemical Co. (DOW) rose 2.2% after reporting a rise in first-quarter profit.

Plug Power slides, Gilead gains

Shares of Plug Power Inc. (PLUGD) slid 7.3% after the fuel-cell maker announced a secondary offering of stock.

AT&T Inc. (T) dropped 3% after the telecom late Tuesday reported a first-quarter profit of $3.65 billion, or 70 cents a share, compared with $3.7 billion, or 67 cents a share, a year ago.

Yum Brands Inc. (YUM) shares rose 1.4% after the parent of KFC, Taco Bell and Pizza Hut late Tuesday reported that profit rose 18%, buoyed by a rebound in Chinese demand.

Gilead Sciences Inc. (GILD) picked up 2.7% after the biotech firm said late Tuesday its first-quarter profit more than doubled to $1.33 a share.The company also said sales of its hepatitis C drug Sovaldi hit $2.27 billion worldwide in the quarter.

Procter & Gamble Co. (PG) said its third-quarter profit rose 1.7% as expenses fell, though sales also dropped slightly. Shares inched 1% lower.

In the afternoon, two tech heavyweights will be the center of attraction. Apple Inc. (AAPL) is expected to post second-quarter earnings of $10.19 a share when it reports after the bell, while Facebook Inc. (FB) is forecast to report earnings of 24 cents a share in the first quarter.

In other financial markets, European benchmarks traded in negative territory, with investors eyeing developments in Ukraine. Tensions flared up again, with the U.S. planning to move troops near Russia and Kiev looking set on restarting military action against pro-Russia activists. Asian stocks closed mixed.

Most metals advanced, with gold (GCM4) rebounding from a three-week low reached on Tuesday. Oil declined (CLM4), while the dollar (DXY) also moved lower.

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