Markets Right Now: Retailers Pull US Stocks Broadly Lower – ABC News

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The Latest on global financial markets (all times local):

11:45 a.m.

U.S. stock indexes are falling in midday trading, a day after their biggest gain in two months.

Consumer stocks plunged Wednesday after Macy’s slashed its profit forecast and reported a steep drop in earnings. Macy’s dropped 13 percent.

Office Depot sank 40 percent and Staples slumped 17 percent after a judge blocked their plans to merge.

In other earnings news, Electronic Arts jumped 13 percent and Blue Buffalo Pet Products rose 9 percent after beating estimates.

The Dow Jones industrial average fell 121 points, or 0.7 percent, to 17,806. The Standard & Poor’s 500 index gave up nine points, or 0.5 percent, to 2,074. The Nasdaq composite index slipped 15 points, or 0.3 percent, to 4,794.

The price of crude oil jumped 3 percent to about $46 a barrel.

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9:35 a.m.

Stocks are opening mostly lower on Wall Street as several companies reported disappointing results.

Disney sank 5 percent early Wednesday after its earnings and revenue came in below forecasts. Fossil Group, which makes watches and other accessories, plunged 31 percent after its results came up short.

Office Depot dropped 35 percent and Staples sank 17 percent after the two companies abandoned plans to merge.

Electronic Arts jumped 13 percent and Blue Buffalo Pet Products rose 9 percent after beating estimates.

The Dow Jones industrial average fell 70 points, or 0.4 percent, to 17,859. The Standard & Poor’s 500 index gave up five points, or 0.2 percent, to 2,079. The Nasdaq composite index slipped 12 points, or 0.3 percent, to 4,797.

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10:35 a.m.

European stocks are down in early trading as the price of oil turned lower, weighing on shares in the energy sector.

Britain’s FTSE 100 was down 0.2 percent at 6,142 and Germany’s DAX was 0.6 percent lower at 9,989. France’s CAC 40 was 0.9 percent lower at 4,298.

The U.S. benchmark contract for oil was down 44 cents at $44.22 a barrel in electronic trading in New York as investors weighed the prospect of supplies remaining high and demand weak. Chinese data earlier this week showed a drop in the amount of crude the energy-hungry country imports.

Earlier, Asian markets were mixed on the close. Japan’s Nikkei 225 edged up 0.1 percent and China’s Shanghai Composite Index added 0.5 percent.