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Midday Report: Tobacco Stocks Take a Dive; Amazon, Starbucks Sink Nasdaq

The Nasdaq retreats further from records.

The Nasdaq retreated further from records following disappointing earnings from Amazon.com Inc. (AMZN) - Get Amazon.com, Inc. Report and Starbucks Corp. (SBUX) - Get Starbucks Corporation Report . The S&P 500 joined the tech-heavy index to trade in the red. Consumer sentiment retreated in July, though not as fast as analysts anticipated. Sentiment has remained robust since the November election, though measure remains sharply divided between Republicans and Democrats. Tobacco companies such as Philip Morris International Inc. PM and British American Tobacco PLC (BTI) - Get British American Tobacco plc Report took a dive after the FDA announced plans to pursue lowering nicotine content in cigarettes. The FDA's strategy aims to limit the substance amount to combat U.S. addiction rates. Chevron Corp. (CVX) - Get Chevron Corporation Report moved higher after swinging to a quarterly profit of $1.5 billion over its recent quarter. Revenue of $33 billion was in-line with estimates.

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