After wandering higher for the past two weeks, mortgage rates reversed course, pulling back to near yearly lows. The retreat began last week after the Federal Reserve met and expressed concerns about the economy.
Merck MRK -1.68 % & Co. posted a revenue decline as generic competition and currency fluctuations hurt its results. Merck said it expects 2016 adjusted earnings per share of between $3.65 and $3.77, compared with its previous projection of $3.60 to $3.75.
Alibaba Group Holding Ltd, China's biggest e-commerce company, said fourth-quarter sales rose 39 percent after its core online shopping business grew, but profit fell for the first time as it spent on ventures like food delivery.