Afternoon Market Update (LOW, HD, AMGN)

According to a recent report, the Home-builder confidence has dropped to a 17-month low in the month of August. The National Association of Home Builders/Wells Fargo Housing Market Index has fallen to its worst reading since March 2009 by 1 point to 13. However, the economists were expecting an increase to 15. The US Retail stocks are showing mixed results with Lowe's Cos LOW and Home Depot HD gaining the most in the list. LOW has reported about 10% y/y rise in its second-quarter earnings. However, the S&P Retail Index (RLX) is down more than 1%. Shares of Amgen Inc AMGN have lost about 1.8%, after analysts at Deutsche Bank initiated coverage of the company with a “hold” rating to reflect the weak sales of the company. The NYSE Arca Pharmaceutical Index (DRG) is down about 0.2%. Read more from Benzinga's Markets.