US open: Dow Jones extends losses in early trade
By Iain Gilbert
Date: Thursday 19 May 2022
(Sharecast News) - Wall Street trading got off to a mixed start early on Thursday after both the Dow Jones and S&P 500 booked their biggest single-day losses in almost two years in the previous session.
As of 1520 BST, the Dow Jones Industrial Average was down 0.97% at 31,185.54 and the S&P 500 was 0.55% weaker at 3,901.91, while the Nasdaq Composite came out the gate 0.11% stronger at 11,430.49.
The Dow opened 304.53 points lower on Thursday, extending losses recorded in the blue-chip index's worst session since June 2020.
Yesterday's heavy losses were partly fuelled by quarterly earnings from retailers Target and Walmart that revealed higher fuel costs and soft consumer demand had hurt results amid the hottest inflation seen in decades.
Retail earnings were in focus yet again on Thursday, with US department store chain operator Kohl's cut full-year earnings estimates after both group revenues and same-store sales fell short of consensus estimates, while fellow retailer BJ's Wholesale managed to beat expectations with its quarterly profits, revenue, and same-store sales.
On the macro front, the US jobs market continues to be quite tight last week, according to the latest figures for unemployment claims from the Department of Labor. In seasonally adjusted terms, initial jobless claims jumped by 21,000 in the week ended 14 May to hit 218,000. Economists had pencilled-in a reading of 305,000.
Elsewhere, factory sector activity in the US mid-Atlantic region cooled significantly in May. The Federal Reserve Bank of Philadelphia's closely-followed manufacturing sector index declined from an April print of 17.6 to just 2.6 - far lower than consensus estimates for a reading of 16.1.
Still on data, the Conference Board's leading economic index decreased by 0.3% in April to 119.2, following a 0.1% increase in March. However, the LEI was still up 0.9% over the six-month period from October 2021 to April 2022.
Finally, existing home sales decreased to 5.61m in April, according to the National Association of Realtors, down from 5.75m in March
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Home Depot Inc. (HD) $290.55 1.88%
Salesforce.Com Inc. (CRM) $158.68 0.86%
Microsoft Corp. (MSFT) $256.06 0.78%
Walt Disney Co. (DIS) $104.94 0.62%
Goldman Sachs Group Inc. (GS) $307.20 0.15%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Boeing Co. (BA) $125.50 -0.02%
McDonald's Corp. (MCD) $230.70 -0.15%
Apple Inc. (AAPL) $140.60 -0.16%
Dow Jones - Fallers
Cisco Systems Inc. (CSCO) $42.46 -12.20%
Visa Inc. (V) $194.10 -2.94%
International Business Machines Corporation (CDI) (IBM) $129.56 -2.54%
Chevron Corp. (CVX) $164.08 -2.37%
3M Co. (MMM) $145.61 -2.23%
Procter & Gamble Co. (PG) $142.10 -2.03%
Caterpillar Inc. (CAT) $203.75 -2.02%
Walgreens Boots Alliance, Inc. (WBA) $40.47 -1.70%
Travelers Company Inc. (TRV) $171.61 -1.55%
Verizon Communications Inc. (VZ) $48.26 -1.29%
S&P 500 - Risers
Synopsys Inc. (SNPS) $300.44 10.22%
Cadence Design Systems Inc. (CDNS) $142.26 4.37%
Freeport-McMoRan Inc (FCX) $36.68 3.79%
Intuit Inc. (INTU) $365.83 3.54%
Expedia Group Inc. (EXPE) $124.39 3.53%
Newmont Corporation (NEM) $65.97 3.27%
Autodesk Inc. (ADSK) $193.28 2.82%
Lowe's Companies Inc. (LOW) $189.00 2.82%
Copart Inc. (CPRT) $109.50 2.77%
Ansys Inc. (ANSS) $248.74 2.67%
S&P 500 - Fallers
Cisco Systems Inc. (CSCO) $42.46 -12.20%
Under Armour, Inc. (UA) $8.87 -8.65%
Under Armour Inc. Class A (UAA) $9.63 -8.55%
Bath & Body Works, Inc. (BBWI) $39.79 -7.34%
Harley-Davidson Inc. (HOG) $33.13 -7.31%
Hewlett Packard Enterprise (HPE) $14.69 -6.79%
Clorox Co. (CLX) $139.00 -4.68%
NetApp Inc. (NTAP) $68.02 -3.83%
Philip Morris International Inc. (PM) $102.14 -3.80%
Broadcom Inc. (AVGO) $548.91 -3.80%
Nasdaq 100 - Risers
Synopsys Inc. (SNPS) $300.44 10.22%
Mercadolibre Inc. (MELI) $797.51 6.43%
Cadence Design Systems Inc. (CDNS) $142.26 4.37%
Baidu Inc. (BIDU) $123.60 3.99%
JD.com, Inc. (JD) $53.03 3.57%
Intuit Inc. (INTU) $365.83 3.54%
Expedia Group Inc. (EXPE) $124.39 3.53%
NetEase Inc. Ads (NTES) $96.37 2.98%
Autodesk Inc. (ADSK) $193.28 2.82%
Workday, Inc. (WDAY) $166.90 2.42%
Nasdaq 100 - Fallers
Cisco Systems Inc. (CSCO) $42.46 -12.20%
Broadcom Inc. (AVGO) $548.91 -3.80%
Dollar Tree Inc (DLTR) $128.73 -3.79%
CSX Corp. (CSX) $31.45 -2.69%
Walgreens Boots Alliance, Inc. (WBA) $40.47 -1.70%
Kraft Heinz Co. (KHC) $38.40 -1.64%
Biogen Inc (BIIB) $192.77 -1.50%
Hasbro Inc (HAS) $89.37 -1.50%
Henry Schein Inc. (HSIC) $82.68 -1.24%
DENTSPLY Sirona Inc. (XRAY) $37.20 -1.12%
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