Stock Indexes Slip in Early Trading After 3 Gains in a Row
NEW YORK (AP) — U.S. stocks were edging lower in early trading on Wall Street Thursday as the market settles down after three days of gains.
Communications stocks led the decliners as Facebook fell 2.6 percent amid reports of a criminal investigation into its data-sharing practices.
The losses were offset partly by gains in banks and technology stocks. JPMorgan Chase and Apple rose.
The market had been rallying throughout the week and reclaiming some of the momentum it had in January and February. Investors have been weighing a mixed bag of economic data while keeping a close watch on global trade issues. The markets have mostly brushed off the chaos surrounding Britain's exit the European Union, its key trading bloc.
Investors are also still waiting for more details on trade negotiations between the U.S. and China. Media reports had stoked hope that a summit would take place this month, but no concrete announcement has been made.
KEEPING SCORE: The Dow Jones Industrial Average fell 72 points, or 0.3 percent to 25,634 as of 10:10 a.m. The S&P 500 index fell 0.2 percent and the Nasdaq composite also fell 0.2 percent.
BAD LOOK: Tailored Brands, which owns Men's Wearhouse, plunged 24 percent after giving investors a surprisingly weak first-quarter profit forecast.
DOLLAR DIP: Dollar General fell 8.5 percent after the company's fourth-quarter profit fell short of Wall Street forecasts. The discount-store operator also gave investors a weak full-year profit forecast.
By Damian J. Troise