The Dow Jones Industrial Average fell 1%, or 336 points, on a day of disappointing earnings and macroeconomic reports. Nike (NKE) lost the most, while Microsoft (MSFT) led a small pack of gainers.
Key Takeaways
- Retail sales concerns help send the Dow down by more than 330 points.
- An earnings miss and ominous guidance from Home Depot added to consumer worries.
- Amgen stock fell after the FTC challenged its $28 billion Horizon Therapeutics deal.
- Big Tech stocks Microsoft, IBM, and Salesforce only stocks to gain.
Nike shares fell 2.8% after a Census Bureau report showed 澳洲幸运5官方开奖结果体彩网:retail sales inched up 0.4% in April, f♏ar below the 0.8% increase💜 analysts expected.
Home improvement retailer Home Depot (HD) didn't help the retail outlook when it reported its 澳洲幸运5官方开奖结果体彩网:worst quarterly sales🌳 miss in 20 years before markets꧑ opened. Its stock sunk 2.1% to its lowest in over a month.
Amgen (AMGN) shares closed down 2.4% after the Federal Trade Commission sued to block its $28 billion 澳洲幸运5官方开奖结果体彩网:purchase of Horizon Therapeutics (HZNP). Horizon shares fell 14% on the news. The FT🧸C alleged Amgen’s acquisiಞtion would give it a monopoly over the treatment of two conditions, thyroid eye disease and chronic refractory gout.
Chevron (CVX) lost 2.4% after Warren Buffett's Berkshire Hathaway (BRK.A; BRK.B) revealed it had 澳洲幸运5🎶官方开奖结果体彩网:trimm♏ed its position in the oil company by a fifth.
3M (MMM)🌠 fell 2.6% after saying late yesterday that it had fired a🍬 veteran top executive for "inappropriate personal conduct and violation of company policy."
Investors fled to tech, with Microsoft's 0.8% making it the best-performing stock in the index. IBM (IBM) moved up about 0.1% as one of its executives joined the CEO of ChatGPT-maker OpenAI to testify before 澳洲幸运5官方开奖结果体彩网:Congress on AI issues.
Salesforce (CRM) rose 0.6% and Apple (AAPL) ended the day unchanged.