Saturday 26 September, 2020

US stocks decline in morning trading; oil heads lower

U.S. stocks were down in morning trading Tuesday, giving up small gains from a day earlier as investors weighed quarterly earnings from several retailers and other companies. Technology stocks, health care companies and retailers were the biggest laggards. Energy companies fell along with the price of crude oil. Utilities companies were up slightly.

KEEPING SCORE: The Standard & Poor's 500 index fell 9 points, or 0.4 percent, to 2,575 as of 10:41 a.m. Eastern Time. The Dow Jones industrial average lost 104 points, or 0.5 percent, to 23,335. The Nasdaq composite slid 22 points, or 0.3 percent, to 6,734. The Russell 2000 index of smaller-company stocks gave up 6 points, or 0.5 percent, to 1,468.

NOT A GOOD LOOK: TJX Cos., the parent company of T.J. Maxx and Marshalls, fell 3.8 percent after reporting revenue and earnings that missed analysts' estimates. Its shares lost $2.66 to $68.10.

FOUL OUTLOOK: Dick's Sporting Goods slid 4.9 percent after the retailer reported a solid quarter but also said its earnings per share could drop as much as 20 percent next year. The stock gave up $1.30 to $25.02.

TECH SLIDE: A broad slide in technology stocks weighed on the market. Micron Technology shed 55 cents, or 1.2 percent, to $45.06.

GEEZ, GE: General Electric slumped 4.7 percent as analysts downgraded the industrial conglomerate a day after it pulled back on profit expectations and slashed its dividend in half. The stock was down 89 cents to $18.13. It's now down more than 42 percent this year.

TAKING FLIGHT: Buffalo Wild Wings soared 24.6 percent on a report that Roark Capital has offered to buy the restaurant chain for $150 a share, or $2.3 billion. Buffalo Wild Wings shares added $28.80 to $146.05.

REVVED UP: Advance Auto Parts vaulted 20 percent after the company's latest quarterly earnings exceeded Wall Street's expectations. The stock gained $16.44 to $98.72.

BONDS: Bond prices rose. The yield on the 10-year Treasury note slipped to 2.38 percent from 2.41 percent late Monday.

OIL: Benchmark U.S. crude was down 62 cents, or 1.1 percent, to $56.14 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, was off $1.24, or 2 percent, at $61.95 a barrel in London.

The slide in oil prices weighed on energy company shares. Baker Hughes fell $1.20, or 3.8 percent, to $30.68. General Electric, which owns a majority stake in the oil and gas giant, said Monday it might distance itself from Baker Hughes as it seeks to lessen its exposure to volatile energy prices.

CURRENCIES: The dollar fell to 113.32 yen from 113.57 yen on Monday. The euro strengthened to $1.1757 from $1.1667.

MARKETS OVERSEAS: Germany's DAX fell 0.4 percent, while France's CAC 40 shed 0.6 percent. Britain's FTSE 100 was little changed. Earlier in Asia, Japan's Nikkei 225 stock index finished flat. Hong Kong's Hang Seng index slipped 0.1 percent. Australia's S&P/ASX 200 fell 0.9 percent. South Korea's Kospi edged down 0.2 percent. Shares in Taiwan and Southeast Asia were mostly higher.

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