Slight pessimism creeps into US markets despite week of upbeat corporate earnings and raft of economic data indicating strong economy. Political uncertainty taints bullish market sentiment and brings Dow and S&P lower, while Nasdaq maintains its four-week string of gains.
The Dow slid at close to 20896 falling -0.1% from yesterday. The Index traded narrowly today and fell 110 points (0.5%) from the start of the week. Stock indexes still exhibited steadfastness as investors stayed the course.
- Dow Jones Index 20896 -0.1%
- S&P 500 2,390 -0.15%
- Nasdaq 6,121.23 +0.09%
- Russell 2000 1382.77 -0.53%
- NYSE Composite 11547.05 0.14%
- Gold 1227.8 +3.6
- Oil 47.82 -0.02
Amongst the daily gainers were Celadon (2.25, +12.50%) and AstraZeneca (34.00, +9.22%),
Consumer inflation remained high but was slowing signalling a potential interest rate increase from the Fed. Retail sales made its strongest gains in three months rising to 0.4% in April.
However, retail stocks like JC Penney, Macy’s and Nordstrom suffered after releasing disappointing results, competition from online retailers cited as a key factor and were among the day’s losers.
Macy’s saw a precipitous drop in its quarterly profit of 39%, shares fell -3.04 to 23.61 after a lower-than-expected decline in sales and higher inventory placed pressure on margins.
Nordstrom sank to the bottom of the index -10.84% to 41.20 after missing its quarterly target for same-store sales.
Lacking any seismic shocks the S&P 500 too stayed in slightly negative territory losing just 0.15%.
Wynn Resorts which develops, owns and operates casino resorts climbed +2.50% to 125.29 and digital semiconductor conductivity supplier, Broadcom Ltd rose +2.11% to 235.96.
Nasdaq gained +0.09% to 6,123. TradeDesk Investor Network on positive results closed at 51.90, +30.11% and Biotech NantKwest closed at 3.98 +25.16%.