Stocks fall as strong data sparks Fed tapering fears
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U.S. stock indexes turned lower Thursday as strong retail sales and jobs data allied fears the Federal Reserve could begin tapering its asset purchases later this year.
The Dow Jones Industrial Average fell 165 points, or 0.48%, while the S&P 500 index and the Nasdaq Composite index declined 0.61% and 0.64%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34758.97 | -55.42 | -0.16% |
| SP500 | S&P 500 | 4473.75 | -6.95 | -0.16% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15165.48202 | +3.95 | +0.03% |
Retail sales, a measure of spending at restaurants, stores and online, last month rose 0.7% to $618.7 billion, according to the Commerce Department. Analysts surveyed by Refinitiv had expected a 0.8% decline. The reading was 15.1% above year-ago levels. Shares of major retailers moved higher.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART, INC. | 144.85 | +0.36 | +0.25% |
| TGT | TARGET CORP. | 246.62 | +2.30 | +0.94% |
| KSS | KOHL’S CORP. | 53.99 | +1.50 | +2.86% |
Continuing jobless claims for the week ended Sept. 4 tumbled to 2.665 million from an upwardly revised 2.852 million the week prior. The $300 per week in supplemental unemployment benefits expired on Sept. 5. Initial claims, meanwhile, ticked up by 20,000 to 332,000.
In stocks, Cisco Systems Inc. said it would introduce new financial metrics to highlight the company’s shift to software.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CSCO | CISCO SYSTEMS, INC. | 57.37 | -0.20 | -0.34% |
Cigarette maker Philip Morris International Inc. won the support of Vectura shareholders, securing its 1.1 billion British pound takeover of the asthma inhaler maker. The deal was opposed by health care professionals.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PMI | n.a. | n.a. | n.a. | n.a. |
Electronic Arts Inc. pushed back the debut of its highly anticipated Battlefield 2041 one month to Nov. 19. The video game maker also reiterated its net bookings guidance for the current fiscal year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| EA | ELECTRONIC ARTS, INC. | 136.28 | -0.76 | -0.56% |
Ryanair Holdings plc raised its five-year passenger forecast and said it would not need to order Boeing 737 Max jets. Talks between the Irish low-cost carrier and Boeing broke down last week due to differences over price.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RYAAY | RYANAIR HOLDINGS PLC | 114.07 | +8.07 | +7.61% |
Wynn Resorts Ltd., Las Vegas Sands Corp. and MGM Resorts International were lower for a third day after Macau said it would tighten regulations on the casino industry.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WYNN | WYNN RESORTS LTD. | 85.00 | -1.44 | -1.67% |
| MGM | MGM RESORTS INTERNATIONAL | 41.53 | +1.20 | +2.98% |
| LVS | LAS VEGAS SANDS CORP. | 37.71 | -0.16 | -0.42% |
Coty Inc. announced the relaunch of Kylie Cosmetics, the cosmetics company founded by Kylie Jenner.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COTY | COTY, INC. | 8.36 | -0.04 | -0.54% |
In commodities, West Texas Intermediate crude oil slid 19 cents to $72.42 a barrel and gold lost $35 to $1,759.80 an ounce.
Overseas markets were mixed.
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European bourses were higher across the board with Britain’s FTSE 100 gaining 0.5%, Germany’s DAX 30 advancing 0.69% and France’s CAC 40 surging 1.07%.
In Asia, Hong Kong’s Hang Seng index plunged 1.46% and China’s Shanghai Composite index tumbled 1.34% after Beijing said embattled real estate developer Evergrande will not make any interest payments beginning next week. Elsewhere in the region, Japan’s Nikkei 225 sank 0.62%.
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