US Stocks Fall in Early Trade
US Stocks Fall in Early Trade
(AP) -- U.S. stocks were broadly lower in early trading Thursday as investors sized up the latest batch of earnings reports from retailers and other companies. Consumer-focused companies fell the most. Oil prices headed higher.
KEEPING SCORE: The Standard & Poor's 500 index lost 13 points, or 0.5 percent, to 2,386 as of 10:21 a.m. Eastern time. The Dow Jones industrial average shed 139 points, or 0.7 percent, to 20,802. The Nasdaq composite declined 45 points, or 0.8 percent, to 6,082, a day after closing at another all-time high.
Small-company stocks fell more than the rest of the market. The Russell 200 index dropped 16 points, or 1.2 percent, to 1,383. Three stocks fell for every one that rose on the New York Stock Exchange.
IN A SLUMP: Macy's sank 12.2 percent after the department store chain's latest quarterly results fell short of Wall Street's forecasts. The stock was the biggest decliner in the S&P 500, sliding $3.57 to $25.77.
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SALES DISSAPPOINT: Dillard's first-quarter results exceeded financial analysts' expectations, but its revenue for the quarter fell short. The stock fell $5.89, or 10.2 percent, to $51.94.
MIXED QUARTER: Kohl's was down 3.8 percent after the retailer reported improved quarterly earnings, but revenue that was below Wall Street's estimates. The stock gave up $1.55 to $38.77.
CHAT ABOUT THIS: Snap plunged 21 percent a day after the parent company of Snapchat reported a huge loss. The stock slid $4.82 to $18.16.
APPETIZING RESULTS: Investors cheered Whole Foods's latest quarterly snapshot. The stock climbed $1.37, or 3.9 percent, to $37.62.
OIL: Benchmark U.S. crude oil was up 46 cents, or 1 percent, at $47.79 per barrel in New York after surging $1.45 on Wednesday. Brent crude, the international standard, was up 40 cents, or 0.8 percent, at $50.62 per barrel in London.
CURRENCIES: The dollar fell to 113.82 yen from 114.33 yen on Wednesday. The euro edged strengthened to $1.0865 from $1.0862.
BONDS: Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.41 percent.
MARKETS OVERSEAS: In Europe, Germany's DAX fell 0.6 percent, while France's CAC 40 edged down 0.7 percent. Britain's FTSE shed early gains to trade down 0.1 percent. Major indexes in Asia notched gains. Japan's Nikkei 225 rose 0.3 percent, while South Korea's Kospi jumped 1.2 percent. Hong Kong's Hang Seng index added 0.4 percent.
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