Stock market today: Most of Wall Street rises, but indexes dip on Salesforce's worst day in 20 years

NEW YORK — Most U.S. stocks rose following mixed profit reports from big companies and signals that the economy may be cooling, but the worst day for Salesforce’s stock in nearly 20 years helped drag indexes lower. The S&P 500 sank 0.6% Thursday, even though the majority of stocks across Wall Street rose. The Dow Jones Industrial Average fell 0.9%, and the Nasdaq composite dipped 1.1%.

Kohl’s fell even more, 23.3%, after reporting a surprise loss for the latest quarter when analysts were expecting to see a profit. The retailer said sales fell in the quarter from a year earlier as customers pulled back on clearance items. It cut its forecasts for sales and other financial targets this year because of the stumble.

The drop in yields offered relief after they had climbed earlier this week on worries about tepid demand for Treasury bonds following several U.S. government auctions. Higher yields put downward pressure on all kinds of investments. A slowdown in the economy could give the Federal Reserve more confidence that inflation is sustainably heading down to its 2% target. That in turn could convince it to cut the federal funds rate, which has been sitting at the highest level in more than two decades.

Stubbornly high inflation earlier this year forced investors to push back repeatedly their forecasts for rate cuts this year, which proved way too optimistic. C3.ai jumped 20.3% after the software company topped expectations for both profit and revenue in the latest quarter. HP gained 18.1% after edging past forecasts for earnings.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street drifts as yields ease on cooler economic dataNEW YORK (AP) — U.S. stocks are drifting following mixed profit reports from big companies and signals that the economy may be cooling. The S&P 500 was down 0.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Asian shares track Wall Street's retreatShares retreated Thursday in Asia after U.S. stocks fell under the weight of higher yields in the bond market, with the Dow Jones Industrial Average giving...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street wilts to trim its May gains as bond yields keep risingNEW YORK (AP) — U.S. stocks closed lower under the weight of higher yields in the bond market. The S&P 500 fell 0.7% Wednesday, sinking further from its record set last week. The Dow Jones Industrial Average lost 1.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street pulls back, trimming its gains for MayNEW YORK (AP) — Stocks are pulling back and trimming their gains for May. The S&P 500 was 0.8% lower in early trading Wednesday and edging further below its record set last week.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Asian shares decline after a mixed post-holiday session on Wall StreetTOKYO (AP) — Asian shares were mostly lower Wednesday after a mixed session on Wall Street following a three-day holiday weekend.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street drifts in quiet trading after returning from 3-day weekendU.S. stock indexes are drifting near their record heights after Wall Street returned from a three-day weekend. The S&P 500 was up 0.1% early Tuesday and just below its record set last week.
Source: SooToday - 🏆 8. / 85 Read more »