Markets Right Now: Health care companies lead stocks lower

NEW YORK — The latest on developments in financial markets (All times local):

11:55 a.m.

Stocks are moving lower as health care companies take steep losses.

Medical device maker Medtronic dropped 2.5 percent Friday and drugmaker AbbVie shed 1.8 percent.

The losses are jeopardizing an eight-week winning streak for stocks.

Media companies, with Walt Disney up 2.5 percent after it said ESPN had a better quarter and announced more "Star Wars" movies.

J.C. Penney soared 15 percent after it posted a smaller loss and better sales than expected. Other retailers also rose.

The Standard & Poor's 500 index fell 5 points, or 0.2 percent, to 2,579.

The Dow Jones industrial average declined 43 points, or 0.2 percent, to 23,418. The Nasdaq composite index lost 6 points, or 0.1 percent, to 6,744.

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9:40 a.m.

Stocks opening lower as investors continue to do modest amounts of selling after Senate Republicans proposed delaying a corporate tax cut by a year.

Health care companies stumbled Friday. Prescription drug distributor Cardinal Health fell 3 percent and medical device maker Medtronic lost 1.8 percent.

The losses are jeopardizing an eight-week winning streak for stocks.

Media companies and retailers rose. Walt Disney rose 2.3 percent and J.C. Penney soared 16 percent.

The Standard & Poor's 500 index fell 5 points, or 0.2 percent, to 2,578.

The Dow Jones industrial average declined 47 points, or 0.2 percent, to 23,413. The Nasdaq composite index is down 14 points, or 0.2 percent, to 6,735.