Retail disappointments, energy decline hit Wall Street
By Caroline Valetkevitch NEW YORK (Reuters) - U.S. stocks extended their recent selloff on Tuesday, with the S&P 500 hitting a three-week low, as energy shares dropped with oil prices and retailers including Target and Kohl's sank after weak earnings and forecasts. Target Corp shares slumped 9.5 percent after third-quarter profit missed analysts' estimates
By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks extended their recent selloff on Tuesday, with the S&P 500 hitting a three-week low, as energy shares dropped with oil prices and retailers including Target and Kohl's sank after weak earnings and forecasts.
Target Corp shares
Department store operator Kohl's Corp
Warnings from retailers added to caution for investors, already on edge over recent sharp losses in technology shares, a slowdown in global growth, peaking corporate earnings and rising interest rates.
"Despite what has been a pretty good earnings season, people are looking ahead to next year and are worried about a slowdown," said Mark Kepner, equity trader at Themis Trading in Chatham, New Jersey.
"It's sell first, ask questions later at this point."
The S&P 500 and Dow slipped into negative territory for the year, and the Nasdaq fell to its lowest level in more than seven months.
The S&P energy index <.SPNY> tumbled about 3 percent and led sector losses as U.S. oil prices ended the day down 6.6 percent amid concerns about rising global supplies. The S&P 500 retail index <.SPXRT> lost 2.3 percent, on track for its eighth straight session of losses.
The Dow Jones Industrial Average <.DJI> fell 513.95 points, or 2.05 percent, to 24,503.49, the S&P 500 <.SPX> lost 46.72 points, or 1.74 percent, to 2,644.01 and the Nasdaq Composite <.IXIC> dropped 119.76 points, or 1.7 percent, to 6,908.72.
Among other retailers, home improvement chain Lowe's Cos Inc
TJX Cos Inc
Signs of cooling demand for iPhones have wide-ranging implications for technology and internet companies.
Should Apple's loss hold through the day, its shares would have lost more than 20 percent of their value, or around $250 billion, since its Oct. 3 record closing high.
Goldman Sachs trimmed its price target on Apple for the second time in just over a week, saying the balance of price and features in the new iPhone XR may not have been well-received by users outside of the United States.
Declining issues outnumbered advancing ones on the NYSE by a 5.85-to-1 ratio; on Nasdaq, a 3.10-to-1 ratio favoured decliners.
The S&P 500 posted 20 new 52-week highs and 41 new lows; the Nasdaq Composite recorded 10 new highs and 263 new lows.
(Additional reporting by April Joyner, Medha Singh and Lewis Krauskopf; Editing by Anil D'Silva and Rosalba O'Brien)
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