US stocks slide in morning trading; oil heads higher
U.S. stocks were broadly lower in morning trading Thursday as investors sized up the latest batch of earnings reports from retailers and other companies. Real estate stocks fell the most. Oil prices headed higher.
KEEPING SCORE: The Standard & Poor's 500 index lost 12 points, or 0.5 percent, to 2,387 as of 11:24 a.m. Eastern time. The Dow Jones industrial average shed 92 points, or 0.4 percent, to 20,850. The Nasdaq composite declined 34 points, or 0.6 percent, to 6,094, 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 12 points, or 0.9 percent, to 1,387. Two stocks fell for every one that rose on the New York Stock Exchange.
IN A SLUMP: Macy's sank 13.5 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 $3.95 to $25.39. Shares in Nordstrom, which was due to report earnings later Thursday, also fell. The stock shed $3.67, or 7.3 percent, to $46.34.
SALES DISSAPPOINT: Dillard's first-quarter results exceeded financial analysts' expectations, but its revenue for the quarter fell short. The stock fell $7.59, or 13.1 percent, to $50.31.
MIXED QUARTER: Kohl's was down 6.2 percent after the retailer reported improved quarterly earnings, but revenue that was below Wall Street's estimates. The stock gave up $2.48 to $37.84.
CHAT ABOUT THIS: Snap plunged 18 percent a day after the parent company of Snapchat reported a huge loss. The stock slid $4.14 to $18.85.
WIN FOR VERIZON: Straight Path Communications slid 20.3 percent after a bidding war between AT&T and Verizon Communications to acquire the wireless licenses company ended. Verizon will acquire Straight Path in an all-stock deal valued at about $3.1 billion. Shares in Straight Path gave up $45.41 to $178.38. Verizon was down 18 cents to $46.20.
APPETIZING RESULTS: Investors cheered Whole Foods's latest quarterly snapshot. The stock climbed 85 cents, or 2.3 percent, to $37.10.
OIL: Benchmark U.S. crude oil was up 77 cents, or 1.6 percent, at $48.10 per barrel in New York after surging $1.45 on Wednesday. Brent crude, the international standard, was up 76 cents, or 1.5 percent, at $50.98 per barrel in London.
CURRENCIES: The dollar fell to 113.73 yen from 114.33 yen on Wednesday. The euro strengthened to $1.0868 from $1.0862.
BONDS: Bond prices rose. The yield on the 10-year Treasury note slipped to $2.40 percent from 2.41 percent late Wednesday.
MARKETS OVERSEAS: In Europe, Germany's DAX fell 0.4 percent, while France's CAC 40 edged down 0.4 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.