U.S. stocks slipped in
quiet trading during the Veterans Day holiday, with merger news and a
selloff in retail shares sparked by results from Macy’s Inc. capturing
the spotlight.
Macy’s slumped the
most in more than six years following a cut in its profit forecast,
turning the tables on retailers after they ranked among yesterday’s
leaders. Apache Corp. tumbled more than 7 percent after rebuffing a
buyout offer from Anadarko Petroleum Corp. Molson Coors Brewing Co.
rallied as it stands to benefit from the mega-merger between
Anheuser-Busch InBev NV and and SABMiller Plc.
The Standard & Poor’s 500 Index fell 0.3 percent to 2,074.93 at 4 p.m. in New York, after swinging between gains and losses.
The S&P 500 has
rebounded more than 11 percent after its first correction in four years,
and came within 1 percent last week of a record reached in May. A
measure of market volatility had its biggest drop ever in October, with
equities posting their strongest month since 2011 as central banks
worldwide pledged to support growth.
Markets have since
leveled off as investors assess the potential impact of interest rates
that could be higher in the U.S. as soon as next month. Traders are now
pricing in a 68 percent chance of a rate increase at the Federal
Reserve’s next meeting in December, up from 56 percent a week ago before
a stronger-than-expected October jobs report.
As the earnings season
draws to a close, 74 percent of S&P 500 members that have reported
beat profit expectations, while only 44 percent topped sales
projections. Analysts now predict a 3.8 percent drop in profits for
companies in the index, an improvement on estimates for a 7.2 percent
slide at the start of the season. Cisco Systems Inc., Nordstrom Inc.,
Kohl’s Corp. and Viacom Inc. are among companies scheduled to report on
Thursday.
Source : Bloomberg
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