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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chevron Corporation | NYSE:CVX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.12 | 0.70% | 160.75 | 161.775 | 159.89 | 160.26 | 8,663,109 | 00:55:52 |
By Ellie Ismailidou and Victor Reklaitis, MarketWatch
Wal-Mart, Cisco jump after earnings, buoying the Dow
U.S. stocks opened lower on Thursday as signs that the Federal Reserve's next interest-rate hike could come as early as June spooked investors.
A flurry of mixed economic data failed to calm investors' fears that the Fed could raise rates as soon as June. But strong earnings reports from Wal-Mart(WMT) and Cisco (CSCO) helped offset declines somewhat.
The S&P 500 fell 7 points, or 0.3%, to 2,040, led by sharp losses in telecom stocks, down 1.4%. The energy sector was the second-worst performer, down 0.7%, weighed by a fresh drop in oil prices (http://www.marketwatch.com/story/oil-prices-drop-on-dollar-strength-rising-inventories-2016-05-19), which slipped again due to a stronger dollar and an unexpected increase in U.S. crude inventories. Lifting the index was a 0.4% gain in consumer-staples shares.
The Dow industrials fell 64 points, or 0.4%, to 17,458, led by losses in Caterpillar Inc.(CAT) and Chevron Corp.(CVX), both down roughly 1%. But Wal-Mart's nearly 8% share rise, which put the stock on track to log best one-day gain in more than seven years, added nearly 33 points to the blue-chip gauge. Cisco (CSCO) up over 5%, was also buoying the Dow.
Meanwhile, the Nasdaq Composite fell 23 points, or 0.5%, to 4,716.
Thursday's moves come after minutes from the Fed's latest meeting (http://www.marketwatch.com/story/most-on-fed-ready-to-hike-rates-in-june-if-economic-data-strong-minutes-show-2016-05-18) suggest the Fed is seriously considering raising interest rates at its upcoming meeting in June, provided the U.S. economy continues to strengthen.
Market strategists said the idea that rates could rise sooner than they expected has made investors uncomfortable, causing them to dump stocks.
(END) Dow Jones Newswires
May 19, 2016 09:55 ET (13:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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