Dow in the red for fourth straight session

Trading has been calm today, but US stocks are generally lacking the impetus to move higher.

In the last hour of trading in New York, the Dow was down 0.3% or 43 points at 15,038 and at these levels is on course for its fourth session in a row of losses, which would be the longest losing streak so far this year. The S&P 500 was down 0.39% and is also facing a run of four losses in a row.

Saks today became the latest retailer to post disappointing results, reporting a bigger-than-expected loss for its fiscal second quarter. Revenue came in below estimates, while costs increased, leading to a loss of 13 cents per share, much wider than the 8 cents per share loss that had been forecast by a Reuters survey of analysts.

We heard a succession of similar stories from other companies in the same sector last week, with Macy’s, Nordstrom and Wal-Mart all reporting below-par sales. We have more retailers reporting after the bell tonight, including Urban Outfitters.

Despite the lacklustre nature of the wider market, it’s been a good day for technology stocks, with Apple, Google and Intel all advancing well over 1%. Today marks the ninth anniversary of Google’s flotation. Back in 2004 shares were sold at $85 as part of its IPO. At the time of writing, Google was up 1.36% at $868, the company’s market capitalisation being some $270-odd billion more than at the time it floated. What a difference nine years can make.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 79% van de retailbeleggers lijdt verlies op de handel in CFD’s met deze aanbieder.
Het is belangrijk dat u goed begrijpt hoe CFD's werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren.
CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.