US

Stocks fell yesterday for a second consecutive day, as investors awaited the start of the corporate earnings season.

The Standard & Poor’s 500 index fell 0.5 percent to 1 455.17 at 11.34am in New York.

Alcoa, which was scheduled to announce its fourth-quarter numbers after the close of trading, rose 0.3 percent. Yum! Brands, the owner of the Taco Bell and KFC fast-food chains, fell 5 percent as same-store sales fell more than projected in China after a government probe into one of its former suppliers hurt demand.

GameStop, the largest video game retailer, tumbled 5.5 percent amid a narrower sales forecast. Boeing dropped 1.1 percent after the plane maker was downgraded at BB&T Capital Markets.

“We’re waiting for earnings to come out,” said John Manley, the chief equity strategist at Wells Fargo Advantage Funds in New York. “Valuations are far from excessive. Yet we’ve had a strong rally very quickly. Now the market is adjusting.” – Bloomberg