Stocks look set to end July with whimper
Stocks are having a rotten end to the month.
All the major indexes fell in early trading Thursday and gave back almost all the gains they made in July.
The Dow, S&P 500 and Nasdaq are all down almost 1%, with the Dow dropping 130 points. Only the Nasdaq is still in positive territory for the month.
Heavy selling overseas, driven by worries about Argentina's latest debt default and more problems with a big Portuguese bank, offset good economic data in the United States released Wednesday.
International markets: European markets are down broadly in late trading, with the EuroStoxx 50 index down almost 1.2%. Lisbon-listed shares of Banco Espirto Santo , the Portuguese bank whose deteriorating funding situation have brought the spotlight back to Southern Europe's shaky banks, is down more than 35%.
Asian markets, outside of strongly performing Chinese stocks, were also lower.
Keep an eye on Argentina, whose default may push stocks on its MerVal index lower following Wednesday's rally.
Related: No deal in Argentina means second default in 13 years
Stock movers: Yum Brands , the conglomerate behind KFC, Taco Bell and Pizza Hut, reported disappointing earnings last night and lowered its guidance after its second tainted Chinese meat scandal in as many years. The stock fell almost 6% in early trading.
Related: KFC just can't catch a break in its hugely important Chinese market
Whole Foods is also hurting. Despite reporting good earnings, the company disappointed on sales and also cut its outlook guidance once again, raising questions about the company's future direction. Its shares, which have been among the worst performers this year, are down 6%.
Impossible is Russia: Adidas , down 15% in Germany, is also lowering its guidance, saying that its reducing its Russian footprint by closing stores or delaying new openings. Golf sales are also lower.
First Published: July 31, 2014: 9:58 AM ET
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