US STOCKS-Wall Street 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
* S&P 500 -0.58%, Nasdaq -0.26%, Dow -0.75% (Updates with details following end of session)
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Shares of Cisco (CSCO) slumped 13.7% after the networking
gear maker lowered its 2022 revenue growth outlook, taking a hit
from its
Apple (AAPL) and chipmaker Broadcom (AVGO) declined 2.5% and 4.3%, respectively, and weighed on the S&P 500.
"The reality is that inflation is running hot and interest
rates are rising," said
Twitter climbed 1.2% after Bloomberg reported that
company executives told staff that
The S&P consumer staples index fell 2% 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 over 4% 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 of 20% or more below its January record high would confirm the S&P 500 has been in a bear market since hitting that peak, according to a widely used definition.
Goldman Sachs 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.
The S&P 500 declined 0.58% to end the session at 3,900.79 points.
The Nasdaq declined 0.26% to 11,388.50 points, while the Dow Jones Industrial Average declined 0.75% to 31,253.13 points.
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 jumped almost 10% after it forecast upbeat annual earnings, encouraged by strong demand for its luxury parkas and jackets.
Volume on U.S. exchanges was 12.7 billion shares, compared with a 13.4 billion average over the last 20 trading days.
Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.31-to-1 ratio favored advancers.
The S&P 500 posted 1 new 52-week highs and 43 new lows; the Nasdaq Composite recorded 12 new highs and 326 new lows.
(Reporting by