Wall Street turns lower as oil stocks drag

REUTERS: U.S. stocks headed lower on Thursday as a slide in energy stocks added to gloom after the Federal Reserve quashed hopes of interest rate cuts this year.

"The markets seemed to be stalling out after hitting all-time highs and the focus just shifted towards taking some money off the table," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York. More than 350 of the S&P 500 companies have reported so far, and analysts now expect earnings to rise 0.7per cent compared with a 2per cent fall estimated at the beginning of April, according to Refinitiv data.

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