Midday Report: Urban Outfitters Bucks Retail Trend; U.S. Stocks Slump

The S&P 500 erased all year-to-date gains as stock losses deepened. A selloff in crude oil and continued worries over the Federal Reserve's rate hike plans kept stocks under pressure. Hyatt (H) - Get Report fell after Bank of America downgraded its stock to NEUTRAL from BUY. Analysts said the hotels sector was under pressure from home-sharing startups such as Airbnb. Hilton Worldwide (HLT) - Get Report was also downgraded. Teen retailer American Eagle Outfitters (AEO) - Get Report reported a better-than-expected first quarter as digital traffic drove a seven percent sales increase. Its namesake brand, which generates the most sales, saw a four percent increase in comparable store sales. Urban Outfitters (URBN) - Get Report also bucked the downward trend in retail, reporting a three percent increase in quarterly sales.