U.S. Stocks Slide From Record With Every Sector in DeclineBy
U.S. stocks fell after setting a record high Wednesday as investors prepare for earnings from retailers after Macy’s results disappointed. Snap Inc. shares slumped more than 20 percent after revenue and user growth trailed estimates.
The S&P 500 lost 0.7 percent to 2,382 at 10:26 a.m. in New York. The underlying index closed at its highest-ever level for a second time in a week Wednesday. The Dow Jones Industrial Average declined 121 points to 20,821 on Thursday.
- Real estate shares fell most, down 1.1%, heading for lowest close since late March
- Consumer discretionary shares down 1% on losses in Macy’s (-12%) and Nordstrom (-7%) after weak retail earnings
- 10-Year Treasury yield down 1bp
- Volume in S&P 500 11% higher than 30-day average
- VIX up to 11
- Snap Inc. shares fell 21% after the company reported revenue and user growth that missed estimates: co-founder Evan Spiegel exuded confidence on his first earnings conference call.
- Crude oil futures oil advanced 1.2% adding to a 3.2% increase on Wednesday
- President Donald Trump’s firing of FBI Director James Comey is an unwelcome distraction for a White House already straining to enact its agenda and could hamper its efforts to pass a repeal of Obamacare and cut taxes: link
- Bigger-than-forecast rebound in April wholesale prices indicates inflation pressures continue to build in the U.S. economy and that March’s decline was short-lived, Labor Department data showed Thursday
- Producer-price index increased 0.5% (forecast was 0.2% rise) following a 0.1% decline the prior month
- Initial jobless claims fall 2,000 to 236,000; est. 245,000
- After-market Thursday: Nordstrom (JWN), CA inc. (CA)
- The Stoxx Europe 600 dropped 0.2%, interrupting two days of gains as investors parsed earnings results and sought clues on the health of the region’s economy.
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