Stocks fell Thursday, as traders digested Brexit concerns, the latest economic data and earnings.
The economic data released Thursday was mixed, with the Philly Fed manufacturing index falling much more than expected to 12.9 in November from 22.2. Economists expected a reading of 20. October retail sales were stronger than expected, while jobless claims edged higher but hovered near historic lows.
The headlines out of the U.K. continue to dampen investors’ risk appetite. The latest development was the resignation of U.K.’s Brexit minister. According to Reuters, Theresa May faces the prospect of a no-confidence vote, which could trigger an election.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24967.67 | -112.83 | -0.45% |
| SP500 | S&P 500 | 2701.58 | -20.60 | -0.76% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7136.3925 | -64.48 | -0.90% |
In company news, Walmart, the world’s biggest retailer, said its third-quarter adjusted earnings per share (EPS) beat Wall Street expectations, but revenue was a miss. Revenue was $124.9 million, less than the $125.5 million analysts polled by Refinitiv expected. EPS was $1.08, higher than the $1.01 that had been expected.
Two more retailers – Nordstrom and Williams-Sonoma – will report after the closing bell.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| AAPL | APPLE INC. | 186.80 | -5.43 | -2.82% |
| GE | GENERAL ELECTRIC COMPANY | 8.32 | -0.29 | -3.37% |
| M | MACY’S INC. | 33.22 | -2.57 | -7.18% |
It was another wild ride for U.S. equities on Wednesday as the Dow Jones Industrial Average clawed back from a loss of about 350 points, finishing the session down 205.99.
Apple shares, nearing a bear market, fell nearly 3 percent, dragging the Nasdaq Composite down 64.48 points or nearly 1 percent. As for the broader S&P, financials such as JPMorgan and Goldman Sachs dipped, after Rep. Maxine Waters [D-CA] said she would likely end President Trump’s rollback of regulations for financial institutions as she prepares to become Chair of the House Financial Services Committee following the midterm election swing which left Democrats in control of the house.
General Electric tumbled another 3 percent as investors weighed an offering of Baker Hughes, which is majority owned by GE. Concerns continue to mount over the industrial company’s debt levels and the urgency to sell assets.
