NEW YORK — Stocks are pulling back and trimming their gains for May. The S&P 500 was 0.8% lower in early trading Wednesday and edging further below its record set last week. The Dow Jones Industrial Average was down 361 points, and the Nasdaq composite was 0.7% lower. American Airlines Group sank 11.5%, leading a slump for airline stocks, after cutting its profit forecast. ConocoPhillips fell 1.5% after saying it would buy Marathon Oil. Marathon Oil jumped 10%. Advance Auto Parts sank 9.
Dick's Sporting Goods rose 7.2% after it reported better earnings than analysts expected and raised its full-year profit guidance. Pet food and supply company Chewy also easily beat Wall Street's first-quarter profit targets and its shares climbed close to 6%. Elsewhere, in Europe at midday, France's CAC 40 slipped 1.1%, Britain's FTSE was down 0.4% and Germany's DAX declined 0.8%.
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