Wall St pulled down by automaker, healthcare stocks

By Yashaswini Swamynathan

(Reuters) - Wall Street was lower on Tuesday following tepid economic data and losses in healthcare and consumer discretionary stocks.

Pfizer, the largest U.S. drugmaker, maintained its full-year forecast, despite reporting revenue and profit above analysts' estimates, sending its shares down 3 percent to $36.18.

The stock was the top percentage loser on the Dow and the biggest drag on the S&P 500 index.

Shares of Ford and General Motors dropped 4 percent each, after the two major U.S. automakers reported July vehicle sales slightly below expectations.

The stocks dragged the S&P's consumer discretionary index down 1.4 percent, making it the biggest loser among the 10 major S&P indexes. The healthcare index was the second biggest loser, with a 0.9 percent drop. "We are in an environment of mixed signal, inconsistencies and the markets are being driven by a lack of a positive theme, troubles in European banks and weak oil prices," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

"We've been setting up for squeezing of the sponge. It's time to take some profits from the markets."

Data showed U.S. consumer spending rose more than expected in June as households bought a range of goods and services.

However, personal income rose only 0.2 percent, missing estimates of 0.3 percent, while inflation remained below the Federal Reserve's 2 percent target.

At 11:04 a.m. ET the Dow Jones industrial average was down 115.45 points, or 0.63 percent, at 18,289.06.

The S&P 500 was down 18.3 points, or 0.84 percent, at 2,152.54.

The Nasdaq Composite was down 57.39 points, or 1.11 percent, at 5,126.81.

Procter & Gamble's shares rose 0.5 percent after the company forecast a growth in full-year net sales after two years of decline. The stock gave the biggest boost to the Dow.

CVS jumped 4 percent after the drugstore chain operator's profit beat estimates.

AIG and Electronic Arts are expected to report results after the bell.

Declining issues outnumbered advancing ones on the NYSE by 2,292 to 574. On the Nasdaq, 1,994 issues fell and 642 advanced.

The S&P 500 index showed 13 new 52-week highs and no new lows, while the Nasdaq recorded 42 new highs and 25 new lows.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)