[16th (Reuters)]- In the U.S. stock market, the Dow Jones Industrial Average (.DJI) closed with a slight decline. Network equipment giant Cisco Systems (CSCO.O) and retail giant Walmart (WMT.N), which had expressed cautious outlook, were sold. The S&P 500 (.SPX) and Nasdaq Composite (.IXIC) continued to rise slightly.
Cisco plunged 9.8% after lowering its full-year sales and profit forecasts due to slowing demand for network equipment.See more
Walmart, which hit its highest price since going public the day before, also fell 8.1%. Although the company revised its full-year earnings forecast upward, it was disappointed in what it said was a continued cautious attitude toward spending by U.S. consumers amid rising inflation and interest rates.See more
As a result, other retail stocks also sold, and the S&P Major Consumer Goods Index (.SPLRCS) fell. Target (TGT.N), which rose sharply the previous day, also fell 0.4%.
Robert Pavlik, senior portfolio manager at Dakota Wealth, said the recent rally in stocks has led to profit-taking.
Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest, said Cisco and Walmart are core players in their respective industries, but their weakness raises some questions about the health of the consumer and technology sectors. He said he would throw it.
On the other hand, some large-cap stocks such as Microsoft (MSFT.O), Apple (AAPL.O), and NVIDIA (NVDA.O) were bought, supporting the market.
The US Department of Labor announced on the 16th that the number of new jobless claims for the week rose more than expected, strengthening the view that there will be no need for the US Federal Reserve to raise interest rates again.See more
Department store Macy’s (MN) rose 5.7%. We were impressed by the fact that third quarter sales exceeded market expectations.
Declining issues outnumbered advancing issues on the New York Stock Exchange by a 1.42-to-1 ratio. On the Nasdaq, there were also many stocks with declines, with a ratio of 1.97 to 1.
The total trading volume on US exchanges was 10.71 billion shares. The average for the last 20 business days was 11.09 billion shares.
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