NEW YORK — 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 0.3% in early trading Thursday and has been generally pulling back since setting a record last week. The Dow Jones Industrial Average was down 362 points, and the Nasdaq composite was 0.3% lower. Salesforce was the main reason for the Dow’s sharp drop. It tumbled after reporting weaker revenue for the latest quarter than analysts expected.
Stubborn inflation has quashed what had clearly been overly optimistic forecasts for several rate cuts this year. Rising bond yields have also weighed on markets this week, though they settled modestly lower early Thursday. The yield on the 10-year ticked down to 4.59% from 4.62% late Wednesday, while the 2-year yield fell to 4.96% from 4.98%.
Computer and printer maker HP jumped 5.8% on a strong earnings report, while clothing retailer American Eagle Outfitters slumped 8.5% after missing sales targets in its most recent quarter.
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