Summer Rally Continues to Falter
August 18,2022 10:18 am EST
Stocks dipped on Thursday as investors struggled to regain their footing a day after the Dow Jones Industrial Average snapped a five-day winning streak and a recent market rally appeared to fade.
The 30-stock index faded 101.28 points to begin trading Thursday at 33,879.04.
The S&P 500 fell 6.9 points to 4,267.14.
The NASDAQ Composite dropped 38.69 points to 12,899.43.
Retail earnings continued on Thursday with reports from Kohl''s, Bath & Body Works and BJ''s Wholesale. The results offered insight into the health of the consumer. Kohl''s shares slid 8% after the company cut its guidance while BJ''s Wholesale jumped after topping estimates.
Initial jobless data released Thursday also provided clues into the state of the job market, with claims dropping to 250,000 for the week ended Aug. 13.
Treasury prices jumped, weighing yields to 2.85% from Wednesday''s 2.89%. Treasury prices and yields move in opposite direction.
Oil prices hiked $1.72 to $89.83 U.S. a barrel.
Gold prices re-strengthened 1.80 to $1,778.50 U.S. an ounce.
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