Stocks slipped on Thursday as the technology sector weakened over Cisco's tepid outlook and trade turmoil escalated.
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The major averages touched session lows after President Donald Trump said the U.S. has been “ripped off” by China for years on trade. Fresh doubts that a summit between Trump and North Korean dictator Kim Jong Un will take place this summer also weighed on the markets. A seven-year high in 10-year Treasury yields had investors selling interest-rate-sensitive utility, telecom and real estate stocks.
The Dow Jones Industrial Average fell 54.95 points, or 0.2%, to 24,713.98. The S&P 500 decreased 2.33 points, or 0.1%, to 2,720.13. The Nasdaq Composite declined 15.82 points, or 0.2%, to 7,382.47.
Cisco, a Dow component, dropped after it reported a disappointing sales outlook. Walmart, another Dow component, fell on concern that it will struggle to compete with Amazon. The retailer declined even as it reported earnings that beat estimates.
Economic data published Thursday included jobless claims, which climbed to a one-month high of 222,000. The Federal Reserve Bank of Philadelphia's manufacturing index rose to 34.4.
|I:DJI||DOW JONES AVERAGES||27081.36||-879.44||-3.15%|
|I:COMP||NASDAQ COMPOSITE INDEX||8965.612569||-255.67||-2.77%|
Prices for Brent crude pared gains, pulling back after an advance past $80 a barrel for the first time since 2014. West Texas Intermediate turned modestly lower after earlier heading toward another three-and-a-half-year settlement high.
On Wednesday, U.S. stocks climbed as traders shrugged off rising Treasury yields and Macy's earnings lifted retailers.