U.S. Stocks Decline as Consumer Shares Slide Before Fed Minutes
Wednesday, 18 May 2016 20:55 WIB |
MARKET UPDATE |S & P 500Saham AS
U.S. stocks slipped, as investors awaited minutes from the latest Federal Reserve meeting, after recent data bolstered speculation of higher borrowing costs as early as June.
Pain for investors in retailers continued as Target Corp. sank 8.6 percent after reporting quarterly sales that missed analysts’ predictions and it delivered a disappointing forecast. Wal-Mart Stores Inc. lost 3.4 percent.
The S&P 500 fell 0.3 percent to 2,041.97 at 9:33 a.m. in New York, dropping for the fifth time in six days.
As the earnings season draws to a close, Cisco Systems Inc. and Urban Outfitters Inc. are among those releasing results today. Of the S&P 500 firms that have already done so, 75 percent beat profit estimates, while 54 percent surpassed sales predictions. Analysts have moderated forecasts for a first-quarter profit decline to 7.4 percent, from 10 percent in April.