TheStreet Live

Stocks ended with their first back-to-back losses since January. Drugmakers weighed on broader markets after President Trump targeted high drug prices and Republicans unveiled details of their Obamacare replacement. Pier 1 Imports unveiled upbeat preliminary results for its fourth quarter. The furniture retailer said cost-cutting and sales initiatives had begun to pay off and pad its bottom line. Dick's Sporting Goods slumped on disappointing guidance for its 2017 fiscal year. The sporting goods chain also provided first-quarter earnings targets that fell short of analysts' expectations. Buffalo Wild Wings plans to close 10% of its company-owned stores in a move to appease activist investor Marcato Capital. The wing chain operates just over 600 company-owned locations.

Health care dragged on Wall Street in a jittery day of trading. Drugmakers were the biggest decliners after President Trump reasserted his promise to lower drug prices, though failed to detail his plans to do so. Michaels rose after topping analysts' estimates in its fourth quarter and guiding for a better-than-expected full year. The arts and crafts retailer anticipated 2017 earnings of at least $2.05 a share, higher than $2.02 consensus. Pandora fell after Liberty Media's CEO said an acquisition was unlikely as the music-streaming service was currently overvalued. Hopes were high Liberty would make an offer. Snap plummeted in a continued downswing following the highs of last week. The disappearing message app had rocketed higher in its market debut on Thursday, before concerns rose that its shares were overvalued.

The House Republican plan to redo Obamacare provides tax credits for people who purchase their own insurance. It also eliminates federal subsidies to help lower income people buy insurance but allows the states to offer subsidies. The Switch is the fastest selling Nintendo gaming console ever. The New York Times says the hybrid game system, that acts as a home game console and a portable game console, sold even better in North American in its first 2 days than the Nintendo Wii. The Wii has sold 100 million units over its lifetime. Nordstrom has joined the list of companies expanding their parental leave benefits. Starting May 1, the retailer will offer up to 12 weeks of fully paid leave to birth mothers and up t o 6 weeks of fully paid leave to other new parents.

General Motors hasn't made money in its European operations for almost 20 years. The U.S. automaker is selling that part of its business to Peugot and BNP Paribas for $2.3 billion. The deal will create the second largest automaker in Europe after Volkswagen. AT&T has agreed to bring 3000 jobs back to the United States. The jobs had been outsourced to other countries. The union that represents AT&T workers said it has reached a tentative agreement with AT&T Southwest-a regional landline arm of the company-that includes a commitment to hire American workers to do jobs that were previously done by contractors overseas. It is a big day in Washington. President Donald Trump is expected to sign a new immigration order today. A panel of Federal judges unanimously upheld a lower courts decision to suspend his immigration order amid challenges by state attorneys earlier this month. House Republicans are expected to introduce new health care legislation this week.

Stocks inched higher after Federal Reserve Chair Yellen telegraphed a rate hike as soon as this month. In a speech in Chicago, Yellen said a Fed move would "likely be appropriate" when the FOMC meets in just over a week. Crude oil ended the day slightly higher despite an increase in drilling activity in the U.S. The number of active rigs drilling for crude rose in the past week to its highest level since October 2015. Activity has risen for seven weeks in a row. Caterpillar crept higher after its CEO apologized to the company's employees for Thursday's raid. Federal agents had swarmed its facilities in an ongoing investigation into its Swiss-based subsidiary. Big Lots reported a mixed quarter. Adjusted earnings beat estimates, while sales fell short of consensus. Same-store sales rose, though at roughly one-third the pace analysts had anticipated.

Stocks moved lower as investors played it safe ahead of an afternoon speech from Federal Reserve Chair Janet Yellen. Yellen could signal a rate hike as soon as this month. Snap advanced again in day two as a public company. The disappearing message app currently has a market cap nearly three times larger than social media network Twitter and even slightly more than traditional media company CBS . GNC shot higher on reports private-equity firm KKR is interested in a deal. KKR has reportedly been in contact with two Chinese companies over a potential acquisition of the vitamins retailer. Services activity in the U.S. strengthened in February, according to the latest reading from the Institute for Supply Management. The uptick in the ISM non-manufacturing index was a surprise to analysts looking for it to hold at January levels.

Starting June 1st, annual membership fees will go up $5 to $60. The hike at Costco comes as the retailer reported earnings that missed Wall Street expectations. Traders will be watching for comments from Federal Reserve Chairwoman Janet Yellen today. She is set to speak on the economic outlook at the Executives Club of Chicago. Increasingly, market watchers are expecting the Federal Reserve to raise interest rates this month. Boeing has accepted 1880 voluntary layoffs from its union machinists and engineers in the Seattle-Tacoma area. The jet maker is looking to cut costs through job reductions and other measures. Boeing offered the buyouts in December as part of an 8% workforce reduction. The ISM non-manufacturing index is reported. Federal Reserve Vice Chairman Stanley Fischer speaks today.

Wall Street declined as investors caught their breath following a massive, record-breaking rally a day earlier. The S&P 500 retreated from its all-time high in a broad selloff. Caterpillar was the biggest drag on the Dow. The construction equipment company tanked as news broke that federal agents were searching its Illinois headquarters. Agencies in the search included the IRS and Department of Commerce. Barnes & Noble fell after reporting a drop in net income and sales over its recent quarter. Same-store sales tumbled just over 8%, partly tied to weaker store traffic. AB InBev slumped after posting weaker-than-expected earnings over its fourth quarter. Sales in key market Brazil were the biggest culprit. Earnings in the region tumbled 33% over that three months.

Snap , shares are expected to begin trading around $17, which means the company has a valuation of $24 billion. The parent of popular social network app, Snapchat, will trade at the New York Stock Exchange under the ticker symbol 'SNAP'. The Justice Department says U.S. Attorney General Jeff Sessions spoke with the Russian Ambassador during the election. Sessions did not disclose those communications at this confirmation hearing in January when asked whether 'anyone affiliated' with the campaign had contact with the Russians. Sessions told Fox News that he never met with any Russian officials to discuss issues of the campaign and has no idea what the allegation is about. Democrats are asking for Sessions to recuse himself from an investigation into Russia's role in the election. The Dow looks to take a pause after a roaring rally Wednesday. The blue chips rose more than 300 points to close above 21,000.

The Dow Jones Industrial Average resumed its rally with a bang, scoring its best gains of the year, rocketing above its 21,000 milestone, and securing a new record close. The S&P 500 also scored all-time highs. The Federal Reserve backed up recent data showing economic growth in its latest "Beige Book." The anecdotal reading of Fed districts showed modest to moderate growth with a few regions showing accelerating wages. McDonald's unveiled a strategy aimed at improving its customer experience and returning capital to shareholders. The world's largest burger chain plans to repurchase as much as $24 billion worth of shares by the end of this decade. Etsy slumped as quarterly losses deepened. The crafts marketplace nearly quintupled its per-share loss over its quarter, even as revenue jumped 25%.