US stocks dip as UK formally launches Brexit

NEW YORK: Wall Street stocks fell early Wednesday as global markets reacted cautiously to Britain's move to formally begin its exit from the European Union.

London's bourse was down slightly, while Paris and Frankfurt were up modestly after British Prime Minister Theresa May, as expected, launched the Brexit process with a six-page letter hand-delivered in Brussels by UK ambassador to the EU Tim Barrow.

About 15 minutes into trading, the Dow Jones Industrial Average had lost 0.3 percent to 20,646.39.

The broad-based S&P 500 dropped 0.2 percent to 2,353,58, while the tech-rich Nasdaq Composite Index lost less than 0.1 percent at 5,873.33.

US stocks scored solid gains Tuesday on higher oil prices and after strong US consumer sentiment data helped counter ongoing angst following the demise of President Donald Trump's health care reform bill.

Vertex Pharmaceuticals surged 22.4 percent after releasing promising clinical results of a drug therapy combination for the treatment of cystic fibrosis.

Luxury furnishing retailer Restoration Hardware shot up 12.5 percent after projecting first-quarter revenues of between $530 million and $545 million, well above the $485 million expected by Wall Street analysts.