US stocks dip on Walmart, middling data
NEW YORK—US stocks Thursday took a pause from a recent winning streak, selling off after a disappointing earnings report from Walmart and some middling economic data.
At the closing bell, the Dow Jones Industrial Average dropped 44.10 (0.29 percent) to 15,231.59.
The broad-based S&P 500 fell 8.41 (0.51 percent) to 1,650.37, while the Nasdaq Composite Index slipped 6.37 (0.18 percent) to 3,465.24. Both the Dow and the S&P 500 closed at record levels Wednesday.
Thursday’s losses came after retail giant Walmart reported disappointing profits and signaled weaker-than-expected results in the second quarter.
Investors were also unimpressed by a rise in initial jobless claims by 32,000 to 360,000. New building permits soared in April, but housing starts plummeted.
Most of the data “point more on the disappointing side of the ledger and may give markets a reason to sell off,” said Andrew Fitzpatrick, director of investment at Hinsdale Associates, a money management firm.
“There’s also been a lot of positive momentum here recently and I think the market’s taking a little bit of a breather here.”
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94