Wall Street opens lower on weak retail earnings and rising unemployment numbers

Wall Street opens lower on weak retail earnings and rising unemployment numbers

Stocks continued to fall on Thursday after more disappointing retail sector earnings and unemployment data were released and investors weighed the impact of inflation on US consumers.



At 10:30 a.m. ET, the Dow was down 307 points, or 1%, while the S&P 500 was down 0.6% and the NASDAQ Composite was down 0.2%.


Department store Kohls Corp (NYSE: KSS) made an early impression, falling 5% in pre-opening trading but erased those losses in early morning trading. They slashed their full-year earnings forecasts, along with some of America's biggest retailers warning that four-decade high inflation is denting profit margins and consumer spending.



Walmart Inc (NYSE: WMT) and Target Corporation (NYSE: TGT) earlier this week reported significant drops in quarterly earnings due to soaring fuel and transportation costs, and warned rising prices were holding back people spending consumption.


The unemployment number rose to 218,000, versus expectations of 200,000.

Thursday's market open comes after the Dow fell more than 1,100 points on Wednesday, its worst day since 2020.



Shares of Cisco Systems Inc (NASDAQ:CSCO) also fell 12% after reporting a weak outlook.


Oil also fell. WTI fell 1.5% to $105.41 a barrel and Brent crude fell 1.2% to $107.84 a barrel. Gold futures rose 1% to $1,835 an ounce.



Xem thêm:

Recent in Sports

Join our Team