Stocks rise after Amazon announces it will buy an online pharmacy

Stocks erased early losses Thursday, gaining after solid earnings reports and a fall in pharmaceutical stocks. The dollar and Treasury yields inched higher after weaker-than-expected economic data.

Here's the scoreboard:

Dow Jones industrial average: 24,215.75 +98.16 (+0.41%)

S&P 500: 2,715.47 15.84 (+0.59%)

1. In its latest healthcare venture, Amazon announced a deal to buy an online pharmacy. The e-commerce giant's acquisition of PillPack, a Boston company that focuses on customers who take multiple daily prescriptions, rattled other pharma companies.
2. President Donald Trump and Russian President Vladimir Putin are expected to meet July 16 in Finland. Some have been skeptical at the prospect of such a meeting, which is expected to take place next month, after alleged Russian meddling in the 2016 election and amid tensions between the US and its allies.
3. Eurozone economic sentiment fell to a 10-month low in May, but business confidence remained steady. Economists have warned the ongoing trade fight between the EU and the US will weigh on growth.
4. The US economy grew in the first quarter at a slower pace than previously expected. Downward revisions to spending on services and inventory investment dragged GDP to 2%, the Commerce Department said, down from previous estimates of 2.2% growth.

And a look at the upcoming economic calendar:

• Current account, GDP, and net lending numbers are out in the UK.
• Consumer spending data are released in the US.
• The EU continues its economic summit in Brussels.
• Canada reports GDP.

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