Markets Right Now: Retailers lead early slump on Wall Street
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are slumping in early trading on Wall Street led by steep drops in Macy’s and other retailers after several of the companies reported weak holiday sales.
Macy’s plunged 18 percent in early trading Thursday and Kohl’s dropped 10 percent.
Airlines were also taking a hit after American Airlines released a weak forecast for its fourth-quarter results.
The losses, if they hold, would end a four-day winning streak for the market, its longest since September.
The S&P 500 index fell 15 points, or 0.6 percent, to 2,569.
The Dow Jones Industrial Average lost 111 points, or 0.4 percent, to 23,773. The Nasdaq gave up 50 points, or 0.7 percent, to 6,906.
Bond prices rose. The yield on the 10-year Treasury fell to 2.70 percent.