All three US stock markets looked to be turning the corner on Thursday, trading in positive territory but ultimately reversing gains with the Dow Jones finishing 0.8% lower.
The S&P 500 and Nasdaq both fell, down 0.6% and 0.3% as a wall of worry sends markets nearly 20% off in 2022.
Retailers recover
Retailer Kohl’s (NYSE: KSS) reversed recent losses, gaining 4.4%, despite missing sales and profit expectations significantly, showing signs the sell-off may be coming to an end.
Retail sales in the US showed a 20% jump in services spending, which could help the ballooning inflation rate that is predominantly focused on goods.
Unemployment benefits increased whilst the manufacturing index dropped heavily as sentiment continues to weaken.
Harley Davidson fails to fire, Cisco tumbles
Harley Davidson (NYSE: HOG) shares fell 9% after announcing it would suspend all assembly and shipments for two weeks due to supply chain issues.
Meanwhile, Cisco (NASDAQ: CSCO) fell another 13% after reporting flat revenue and guiding for weaker growth for the networking equipment giant.
US stock market movers
Here’s how other popular US stocks performed on Thursday.
- Datadog (NASDAQ: DDOG) up 9.6%
- PayPal (NASDAQ: PYPL) up 5.3%
- Match (NASDAQ: MTCH) up 4.4%
- Procter & Gamble (NYSE: PG) down 2.3%
- Apple (NASDAQ: AAPL) down 2.5%
- Walmart (NYSE: WMT) down 2.7%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to be relatively unmoved when the market opens this morning. For a round-up of the latest news, check out my ASX 200 morning report.
