Here Are 3 Hot Things to Know About Stocks Right Now

  • The Dow Jones Industrial Average  finished lower Thursday after Donald Trump called off a summit meeting planned for next month with North Korea leader Kim Jong Un.
  • Best Buy Co. (BBY) fell 6.6% despite quarterly profit beating Wall Street estimates. 
  • Weekly U.S. jobless claims rose 11,000 to 234,000, a seven-week high.

Wall Street Overview

Stocks fell Thursday, May 24, after Donald Trump called off a summit meeting planned for next month with North Korea leader Kim Jong Un.

In a letter released by the White House, Trump said: "I was very much looking forward to being there with you. Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting."

Nuclear-armed North Korea recently said it could cancel the summit if the U.S. attempted to force it to give up its nuclear arsenal unilaterally.

Sentiment already had been dented Thursday by a possible move from the Trump administration to impose new tariffs on automobile imports.

Trump said he would launch a national security investigation into car and truck imports under Section 232 of the Trade Expansion Act, the same pretext he used to slap 25% tariffs on non-American steel and aluminium earlier this year. The move, which followed his hint that a "different structure" may be needed to arrange a new trade relationship with China, added to concerns that inward-looking trade polices will slow economic growth into the second half of the year.

Shares of auto export giants Toyota Motor Corp. (TM) , Honda Motor Co. (HMC) and Nissan Motor Co. (NSANY)  fell Thursday.

The Dow Jones Industrial Average    closed down 75 points, or 0.30%, to 24,811. The S&P 500  declined 0.20% and the Nasdaq    dropped 0.02%. Leading the Dow lower were Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) . 

Best Buy Co. ( BBY) posted first-quarter adjusted profit of 82 cents a share, ahead of Wall Street estimates of 74 cents. Revenue of $9.11 billion beat estimates, and same-store sales jumped 7.1%, ahead of consensus that called for an increase of 2.5%. The stock fell 6.6%.

Medtronic PLC (MDT) posted fourth-quarter adjusted profit of $1.42 a share, 3 cents ahead of estimates. Revenue in the quarter rose 2.9% to $8.14 billion and topped forecasts. Shares rose 1.9%.

Hormel Foods Corp. (HRL) earned 44 cents a share in its fiscal second quarter, 1 cent below estimates. Revenue was $2.33 billion, also below forecasts of $2.39 billion. The stock fell 1%.

Deutsche Bank AG ( DB) said Thursday it would slash thousands of jobs as it reshapes its operations and looks to cut costs.

The bank said it would cut its workforce to "well below" 90,000 from 97,000. The bank said the "personnel reductions are underway." The struggling German lender said headcount in its equities sales and trading business, mostly based in New York and London, would be trimmed by about 25%.

American depositary receipts of Deutsche Bank declined 4.8%.

NetApp Inc. (NTAP)  rose 1.9% after its quarterly earnings topped estimates but its in-line sales and earnings guidance appeared to fall short of heightened expectations.

Shares of Celgene Corp. (CELG) rose 2.4% on Thursday after the biotech company said its board authorized an additional $3 billion of stock buybacks.

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