Midday Report: GE Selloff Continues to Weigh on Dow; Wall Street Waits for Earnings Rush

Stocks moved lower as the bulls sat in wait of a wave of critical earnings later this week.
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Stocks moved lower as the bulls sat in wait of a wave of critical earnings later this week. Alphabet Inc. (GOOGL) - Get Report will report on its recent quarterly performance after the bell. General Electric Co. (GE) - Get Report continued its Friday selloff to weigh heavily on the Dow. Existing home sales declined in June, falling to a seasonally adjusted annual rate of 5.52 million. That marks its second lowest level of the year. Low supply dampened overall activity. Manufacturing activity picked up in July, reaching a four-month high, according to a flash composite PMI reading. Services PMI was unchanged. Hibbett Sports Inc. (HIBB) - Get Report tanked after warning of "very challenging" sales trends over the second quarter. The sporting goods retailer anticipates a 10% drop in comparable store sales and for a quarterly loss of between 19 cents and 22 cents a share.