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Tech, consumer discretionary stocks drag down Wall St.

Posted by: Admin | Posted on: May 11th, 2017 | 0 Comments

U.S. stocks were slightly lower on Thursday, with the Dow on track for its third straight day of losses, led by declines in consumer discretionary and technology sectors.

Macy’s disappointing profit and a 11 percent slump in shares took a toll on the consumer discretionary sector .SPLRCD, which fell 0.52 percent with all of its components in the red.

Kohl’s (KSS.N) was down about 2 percent despite beating profit estimate.

“Retail is front-and-center because it has been a sore area for the market over the last year or two,” said Adam Sarhan, chief executive officer at 50 Park Investments.

At 9:41 a.m. EDT the Dow Jones industrial average .DJI was down 40.78 points, or 0.19 percent, at 20,902.33, the SP 500 .SPX was down 7.72 points, or 0.32 percent, at 2,391.91 and the Nasdaq Composite .IXIC was down 21.11 points, or 0.34 percent, at 6,108.04.

Ten of the 11 major SP 500 sectors were lower. Technology .SPLRCT was down 0.3 percent, following losses in Microsoft (MSFT.O) and Intel (INTC.O).

Shares of Snapchat owner Snap Inc (SNAP.N) plunged 20 percent after the company reported a slowdown in user growth and revenue in its first earnings report as a public company.

Straight Path (STRP.A) fell 20 percent after agreeing to be bought by Verizon (VZ.N) for $184 per share and terminated an earlier deal with ATT (T.N).

Whole Foods (WFM.O) was up 5 percent after the grocer shook up its board and appointed a new CFO.

Declining issues outnumbered advancers on the NYSE by 1,836 to 718. On the Nasdaq, 1,662 issues fell and 606 advanced.

The SP 500 index showed six 52-week highs and six lows, while the Nasdaq recorded 28 highs and 16 lows.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D’Silva)

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