Here Are 3 Hot Things to Know About Stocks Right Now
- The U.S. and China imposed fresh tariffs on $16 billion of each other's goods.
- The Nasdaq undefined joined other indexes in negative territory Thursday after closing higher for five straight sessions.
- Alibaba Group Holding Ltd. (BABA) fell 3% even after the Chinese e-commerce giant's fiscal first-quarter revenue jumped 61%.
Wall Street Overview
Stocks ended modestly lower on Thursday, Aug. 23, as the U.S. and China applied tit-for-tat tariffs amid a continuation of trade talks.
The Dow Jones Industrial Average (I:DJI) fell 77 points, or 0.3%, to 25,657, the S&P 500 undefined fell 0.2%, and the Nasdaq undefined lost 0.1%. Leading the Dow lower were Caterpillar Inc. (CAT) , DowDuPont Inc. undefined and Exxon Mobil Corp. (XOM) .
The U.S. and China imposed fresh tariffs on $16 billion of each other's goods. The 25% duties included automobiles and metal scrap from the United States and Chinese-made factory machinery and electronic components.
The three-day annual conference of central bankers in Jackson Hole, Wyoming, began on Thursday. Federal Reserve Chair Jerome Powell will speak on Friday, Aug. 24.
Jobless claims in the U.S. fell by 2,000 to 210,000 in the week ended Aug. 18, the third straight week that claims have declined.
Alibaba Group Holding Ltd. (BABA) , the Chinese digital colossus, reported fiscal first-quarter revenue growth of 61% to 80.9 billion renminbi, ahead of consensus estimates of 80.7 billion RMB from Thomson Reuters and 80.9 billion RMB from Bloomberg, but behind the 81.4 billion RMB estimate from FactSet.
Diluted EPS came in at 3.3 RMB, ahead of consensus estimates from FactSet (2.42 RMB), Thomson Reuters (2.79 RMB) and Bloomberg (2.57 RMB).
Shares of Alibaba fell 3% on Thursday.
- Alibaba Vice Chair Confident in Chinese Economy, Not Worried About Trade War
- WATCH: Jim Cramer on How Tariffs May Affect Alibaba
Facebook Inc. (FB) pulled its data-security app from Apple Inc.'s (AAPL) app store after the iPhone maker ruled that the service violated its data-collection policies, The Wall Street Journal reported, citing a person familiar with the matter.
The app, called Onavo Protect, has been available as a free download through Apple's app store for years, with updates regularly approved by Apple's app-review board, according to the Journal.
Facebook fell 0.4%, while Apple shares rose 0.2%.
Hormel Foods Corp. (HRL) fell 3% on Thursday after the company reported fiscal third-quarter earnings in line with estimates but sales that came up short. The branded foods company cut its sales outlook for 2018.
Nordstrom Inc. (JWN) was up 2% after the retailer's board authorized the buyback of up to $1.5 billion in stock.
L Brands Inc. (LB) fell 11% after second-quarter earnings from the parent company of Victoria's Secret beat analystss' expectations but the company cut its fiscal-year profit outlook.
Shares of Williams-Sonoma Inc. (WSM) jumped 16.5% after second-quarter earnings and sales topped Wall Street estimates and the seller of cookware and home furnishings issued strong guidance for its fiscal third quarter.