Following yesterday’s advances on Wall Street where the Dow Jones Industrial average gained 222 points (thanks to a rally in financial shares), the Dow gave back much of those gains due to poor corporate earnings reports. The Dow lost over 200 points due mostly to disappointing first quarter earnings from retail heavyweights: Disney, Macy’s, Wal-Mart, Home Depot and Nike. In total the retail sector dropped 4%, tracking for it’s worst day in 5 years since 2011.
“Stocks are down due to worries about consumer spending, which has been the mainstay of economic growth through this whole expansion.”
Investors are now looking ahead to presumptive GOP Presidential nominee Donald Trump’s meeting with the Speaker of the U.S. House of Representatives Paul Ryan tomorrow to see if anything can be sniffed out into a possible economic plan from a President Trump. Ryan has so far refused to endorse Trump for President.
See more from CNBC as to why the Dow was down over 1% today.
Here are the final numbers from Wednesday, May 11th on Wall Street:
Dow Jones Industrial Average: 17,711.12 (-217.23 / -1.21 %)
NASDAQ: 4,760.69 (-49.19 / -1.02 %)
S&P 500: 2,064.46 (-19.93/ -0.96%)