Stocks slid on Thursday as an earnings miss from Macy’s rippled through the retail sector and raised questions about US consumer growth.
All three major indices slid less than 0.3% as stocks stayed mired in a tight trading range. The S&P 500 and Nasdaq Composite fell slightly from record highs reached on Wednesday.
First up, the scoreboard:
- Dow: 20,912.77, -27.10, (-0.13%)
- S&P 500: 2,394.02, -5.60 (-0.23%)
- Nasdaq: 6,115.94, -13.83 (-0.21%)
- US 10-year yield: 2.393%, -0.0215
- WTI crude: $US47.74, +0.41, (+0.87%)
1. Department stores took a bath after earnings. Reports from Macy’s and Kohl’s pushed those stocks lower in early trading while Nordstrom shares sunk ahead of its quarterly report, which will come after the close.
2. Snap got destroyed after its earnings disaster. The newly public company plummeted after a disappointing earnings report that saw user growth slow to its lowest pace in years.
3. This chart shows how America stacks up in trade with everyone in the world. A Goldman Sachs equity research team led by Robert D. Boroujerdi shared a chart in a research report to clients showing the trade balance of goods by trading partner for 2014.
4. Some of the biggest names on Wall Street all love the same stock market. The high cost of US stocks has many Wall Streeters looking for more affordable markets with better opportunities for growth. One such market is India.
5. The banks that were in charge of Snap’s IPO love it — even after the company’s disastrous earnings report. Co-lead bookrunners Goldman Sachs and Morgan Stanley still have buy ratings on Snap after it reported earnings, and neither adjusted their price target downward.