U.S. market indexes were mixed Thursday as corporate earnings and specifically retail earnings weighed on market valuations. For the day the Dow Jones Industrial Average gained 10.06 points or 0.06% to close at 17,721.18. The S&P 500 was down, closing at 2,064.11 for a loss of 0.35 points or 0.02%. The Nasdaq Composite closed lower at 4,737.33 for a loss of 23.35 points or 0.49%.
Retail stocks continued to be the key factor affecting markets. On Thursday Kohl’s (KSS, Financial) and Ralph Lauren (RL, Financial) reported earnings. Kohl’s missed revenue and earnings estimates and the stock was down 3.55 points or 9.17% to close at $35.15. Ralph Lauren gave a positive report for the firm’s fourth quarter earnings with revenue and earnings beating analysts’ expectations. Ralph Lauren posted gains for the day with an increase of 2.38 points or 2.82% to close at $86.88. Retail stocks Disney (DIS, Financial), Macy’s (M, Financial) and Staples (SPLS, Financial) continued to post losses. Disney was down 0.56% Thursday. Macy’s was 0.54% lower and Staples lost 2.83%.
Economic data also continued to be a factor of concern for U.S. stock trading. On Thursday, the jobless claims report from the Commerce Department showed a significantly higher number of claims than estimated. Jobless claims were 20,000 for the week, an increase of 3,000 from the previous week. The ongoing level for claims is also higher than estimates had expected. The consensus for claims through the May 7 week is 267,000 and the current report is 294,000. The week’s report combined with the weak Employment Situation Report from the Bureau of Labor Statistics is an increasing concern for the economy.
In a CNBC interview Thursday, Bob Doll of Nuveen Asset Management discussed his insight on corporate earnings and the economy in the second half of the year.
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