U.S. stocks declined today on the heels of lower markets in Europe, which fell after hopes were dashed that Greece was close to a deal with its creditors.
The S&P 500 (INDEXSP:.INX) skidded 0.3 percent to 2,119 at 3:43 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.3 percent to 18,116.31, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) slipped 0.2 percent to 5,095.
Stocks across Europe tumbled, deflated as a potential deal between debt-laden Greece and its creditors didn’t come through, the prospect of which sent shares soaring in the previous session. The Stoxx Europe 600 lost 0.5 percent to end at 406.83. Germany’s DAX index was down 0.8 percent, while France’s CAC-40 shed 0.9 percent.
Stocks have been whipsawed this week as investors grapple with a mixed bag of economic data, a wave of new merger announcements and the prospect of the first interest-rate increase by the Federal Reserve in nine years later this year.
DATA:
Initial jobless claims rose by 7,000 to a seasonally adjusted 282,000 in the most recent week, slightly more than expected.
Pending home sales for April rose 3.4% to its highest level in nine years, according to the National Association of Realtors.
MOVERS:
Broadcom (NASDAQ:BRCM) fell 2 percent to $56.05 after Avago (NASDAQ:AVGO) said it would buy its fellow chipmaker for $37 billion. Avago fluctuated and was last up 0.4 percent at 141.69. Both stocks had risen strongly yesterday on reports of an imminent deal.
Western Digital (NASDAQ:WDC) rose 5.1 percent to $99.16 after Goldman Sachs raised its rating on the data storage solutions company to "buy".
GoPro (NASDAQ:GPRO) climbed 6.3 percent to $56.65 after chief executive officer Nick Woodman said the camera manufacturer is working on a drone product that is scheduled for release in the first half of 2016. It announced the new products at the Code Conference in California.
Semtech (NASDAQ:SMTC) tumbled 13.3 percent to $21.35 as the supplier of analog and mixed-signal semiconductor products forecast second-quarter earnings and revenue below analyst estimates.
Palo Alto Networks (NYSE:PANW) gained 4.9 percent to $168.50. The cybersecurity firm reported adjusted quarterly profit of 23 cents per share, three cents above estimates. Revenue, however, fell below Street forecasts, as is its current quarter revenue projection.
Abercrombie & Fitch (NYSE:ANF) gained 12.3 percent to $21.65 as the teen apparel retailer reported a 14 percent fall in quarterly sales due to weak demand, a strong dollar, and higher discounts.
Costco Wholesale (NASDAQ:COST), the world’s largest membership chain, fell 0.8 percent to $144.33, after quarterly sales missed analysts’ estimates, while profit beat expectations. The warehouse retailer was hurt by lower gasoline prices and a stronger dollar.
Express (NYSE:EXPR) gained 4.9 percent to $17.45 as the apparel retailer reported adjusted quarterly profit of $0.22 per share, $0.07 above estimates.
General Motors (NYSE:GM) rose 1.6 percent to $36.39. Morgan Stanley upgraded the automaker's stock to "equal-weight" from "underweight," saying various market forces may push GM to consider more radical strategic changes.
COMMODITIES:
August gold which is now the most-active contract, settled at $1,188, up 0.2 percent.
July crude ticked up 0.3 percent to settle at $57.68 a barrel.