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Global stock markets, oil price turn lower US stocks slip as weak earnings hammer retailers
(about 1 hour later)
NEW YORK — U.S. stocks are opening lower as another drop in the price of oil and some weak corporate earnings got trading off to a gloomy start. NEW YORK — U.S. stocks are mostly lower Friday morning after a batch of weak quarterly reports. Retail stocks are sliding after a disappointing report from department store operator Nordstrom. Oil prices are in decline after a big surge over the past week.
Oil companies sank along with the price of crude early Friday. Chevron fell 1 percent. KEEPING SCORE: The Dow Jones industrial average lost 68 points, or 0.4 percent, to 16,344 as of 10:30 a.m. Eastern time. The Standard & Poor’s 500 index gave up 7 points, or 0.3 percent, to 1,911. The Nasdaq composite picked up 3 points, or 0.1 percent, to 4,490 as tech stocks inched higher.
Several companies were also falling after releasing weak earnings or outlooks. Deere & Co. and Nordstrom sank after their forecasts disappointed investors, and Ameren and VF Corp. fell after their results came up short of estimates. SHOPPING AROUND: Retailers struggled again after holiday-season results from department store operator Nordstrom disappointed Wall Street. The company said its sales were weaker than it expected and its profits were hurt because it had to match discounts offered by competitors.
The Dow Jones industrial average gave up 103 points, or 0.7 percent, to 16,301 as of 9:35 a.m. Eastern time. Nordstrom gave up $4.78, or 9.1 percent, to $47.94 while Macy’s fell $2.03, or 4.9 percent, to $39.10. Retail stocks also stumbled Thursday after Wal-Mart reported weak quarterly sales and cut its forecasts for the year.
The Standard & Poor’s 500 index lost 14 points, or 0.8 percent, to 1,902. The Nasdaq composite lost 29 points, or 0.7 percent, to 4,457. V.F. Corp, the company behind brands such as Vans, North Face and Timberland, also dropped after its profit and sales fell far short of analyst estimates. The stock dropped $3.12, or 5.1 percent, to $58.13.
=== DEERE DOWN: Agricultural equipment company Deere lowered its sales forecast for the year as sales of farm and construction remain weak. That canceled out first-quarter results that were better than analysts expected. Deere stock lost $3.17, or 3.9 percent, to $77.16.
Global stock markets turned lower on Friday on lingering concerns about the slump in oil prices and uncertain prospects for the global economy. NEED A DRINK: Boston Beer Co., the maker of Samuel Adams beer, fell after its sales disappointed investors. The stock gave up $9.56, or 5.2 percent, to $174.88.
KEEPING SCORE: France’s CAC 40 was down 1 percent to 4,198.62 and Germany’s DAX fell 1.1 percent to 9,366.19. Britain’s FTSE 100 shed 0.6 percent to 5,939.06. U.S. shares were set to drop modestly on the open, withDow and S&P 500 futures both down 0.4 percent. TECH RISES: Chipmaking equipment company Applied Materials climbed after it reported stronger-than-expected profit and sales. Its stock climbed $1.37, or 8 percent, to $18.54.
ROUGH START: Stock markets have slumped since the beginning of the year as the price of oil dived and investors fretted about a slowdown in global growth. After that mauling, many markets rebounded in the past week but the underlying concerns that stock prices are too high relative to waning world growth remain. Yahoo rose 55 cents, or 1.9 percent, after the internet company said it has created a committee of independent directors and hired advisers as part of an effort to redefine itself. Big shareholders are pushing Yahoo to sell its main Internet business. The company eliminated 15 percent of its staff earlier this month.
THE QUOTE: “The past week saw the rebound in shares and other risk assets continue,” said Shane Oliver, chief economist at AMP Capital in Sydney. “Shares have seen a decent rebound from oversold levels which may have further to go. But with global growth worries remaining it’s still premature to say we have bottomed.” SIGNS OF INFLATION: The Labor Department said prices for consumer goods have risen 1.4 percent over the last year, a sign that the pace of inflation is picking up. Prices were unchanged in January, however. The combination of a strong dollar and cheaper oil has suppressed inflation across much of the economy.
ASIA’S DAY: Japan’s benchmark Nikkei 225 lost 1.4 percent to finish at 15,967.17. Australia’s S&P/ASX 200 inched down 0.8 percent to 4,952.80. South Korea’s Kospi added 0.4 percent to 1,916.24. Hong Kong’s Hang Seng fell 0.4 percent to 19,285.50 and the Shanghai Composite in mainland China inched down 0.1 percent to 2,860.02. Some other regional markets, including the Philippines and Indonesia, fell, but shares were slightly higher in Taiwan and Singapore. OVERSEAS: France’s CAC 40 was down 0.9 percent and Germany’s DAX fell 1 percent. Britain’s FTSE 100 shed 0.6 percent. Asian stocks were mixed, as Japan’s benchmark Nikkei 225 lost 1.4 percent and South Korea’s Kospi added 0.4 percent. Hong Kong’s Hang Seng fell 0.4 percent and the Shanghai Composite in mainland China inched down 0.1 percent.
ENERGY: Adding to uncertainty was a fall back in oil prices, which had rallied over the last few days. Investors are hoping that a round of international talks will lead to a deal that addresses a glut in oil production, but the U.S. government reported that energy stockpiles are still growing. Benchmark U.S. crude was down 65 cents to $30.12 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, was down 47 cents at $33.81 a barrel. ENERGY: Benchmark U.S. crude sank $1.33, or 4.3 percent, to $29.44 a barrel on the New York Mercantile Exchange. It had climbed 17 percent over the last week as investors hoped for a deal that would limit oil production. Brent crude, a benchmark for international oils, was down $1.17, or 3.4 percent, to $33.11 a barrel in London.
UK FOCUS: The British pound was slipping as the leaders of Britain and the rest of the 28-country European Union entered a second day of talks on how to reform the country’s membership in the bloc. The talks are stalled over a series of issues, including immigration rights, leading some investors to become cautious, as a potential British exit from the bloc would to hurt the pound. The currency was down 0.5 percent at $1.4273.UK FOCUS: The British pound was slipping as the leaders of Britain and the rest of the 28-country European Union entered a second day of talks on how to reform the country’s membership in the bloc. The talks are stalled over a series of issues, including immigration rights, leading some investors to become cautious, as a potential British exit from the bloc would to hurt the pound. The currency was down 0.5 percent at $1.4273.
CURRENCIES: The euro fell to $1.1113 from $1.1144 on Thursday. The dollar fell to 112.86 yen from 113.09 yen. BONDS, CURRENCIES: The yield on the 10-year Treasury note was unchanged at 1.74 percent. The euro was little changed at $1.11 after it closed at $1.1094 Thursday. The dollar fell to 112.97 yen from 113.57 yen.
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Marley Jay can be reached at http://twitter.com/MarleyJayAP. His work can be found at http://bigstory.ap.org/journalist/marley-jay
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.