US STOCKS-S&P 500 ends lower as Cisco and Apple sink
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* Cisco (CSCO) tumbles on full-year growth forecast cut
* Canada Goose jumps after upbeat profit outlook (Updates with details at end of session)
By
Shares of Cisco (CSCO) slumped after the networking gear
maker lowered its 2022 revenue growth outlook, taking a hit from
its
Apple (AAPL) and chipmaker Broadcom (AVGO) both declined and weighed on the S&P 500.
"The reality is that inflation is running hot and interest
rates are rising," said
Twitter climbed after Bloomberg reported that
company executives told staff that
The S&P consumer staples index fell to its lowest level since December as retail firms face the brunt of rising prices hurting the purchasing power of U.S. consumers.
Kohl's Corp became the latest retailer to flag a hit from four-decades high inflation as the department store chain cut its full-year profit forecast.
Its shares, however, rebounded after slumping 11% in the previous session due to dismal results from Target Corp. (TGT)
The S&P 500 is down about 18% from its record close on
A close below 20% for the benchmark index would confirm bear market territory, joining its tech-heavy peer Nasdaq.
Goldman Sachs (GS) strategists predicted a 35% chance of the U.S. economy entering a recession in the next two years, while the Wells Fargo Investment Institute expects a mild U.S. recession at the end of 2022 and early 2023. According to preliminary data, the S&P 500 lost 22.41 points, or 0.57%, to end at 3,901.27 points, while the Nasdaq Composite lost 29.51 points, or 0.26%, to 11,388.64. The Dow Jones Industrial Average fell 233.00 points, or 0.74%, to 31,257.07.
Thursday's mixed performance followed a drop of over 4% in
the S&P 500 on Wednesday, the benchmark's worst one-day loss
since
The CBOE volatility index, also known as
Canada Goose Holdings Inc (GOOS) jumped after it forecast upbeat annual earnings, encouraged by strong demand for its luxury parkas and jackets.
(Reporting by