Citywire for Financial Professionals
Stay connected:

View the article online at

Overnight Markets: US stocks decline, snapping three-day rally

Wal-Mart fell 3% after the world's largest retailer reported a lower quarterly profit and gave a tepid sales outlook.

Overnight Markets: US stocks decline, snapping three-day rally

US stocks declined on Thursday, ending a three-day winning streak, as banks, technology and consumer shares lost momentum after bolstering the rally.

The Dow Jones industrial average fell 40 points, or 0.25%, to 16,413, the S&P 500 lost nine points, or 0.47%, to 1,918 and the Nasdaq Composite dropped 47 points, or 1.03%, to 4,488.

Eight of the 10 major S&P sectors finished negative, led by a 0.9% decline in energy, which had helped drive the recent rally.

Wal-Mart Stores Inc fell 3% after the world's largest retailer reported a lower quarterly profit and gave a tepid sales outlook. The stock was the biggest percentage loser in the Dow index.

After the market closed, department store operator Nordstrom Inc reported lower-than-expected quarterly profit and its shares sank 7%.

Economic data provided some solace for US prospects. Data showed the number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to labour market strength.

Declines were limited by IBM, which rose 5% after Morgan Stanley upgraded the stock to "overweight."

Corporate earnings were mixed. Nvidia climbed 8.6% after the chipmaker's revenue beat expectations.

But Dish Network fell 6.3% after it reported lower net income in 2015 amid a drop in pay-TV subscriptions. Perrigo slid 10.2% after the drugmaker's adjusted profit missed estimates.

Energy producers slipped after the strongest rally since October, even as oil settled higher. Anadarko Petroleum Corp. and Newfield Exploration Co. fell more than 8.5%. Marathon Oil Corp. sank 6.5% after reporting a fourth straight quarterly loss.

Among discretionary shares, Netflix Inc. dropped 4.5% after a 9.7% gain in the previous three sessions. Inc. declined 1.7%, halting a five-day advance which was the longest since October.

In Asia, shares fell on Friday in afternoon session as a renewed weakening in the price of oil dampened sentiment.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:


Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet