Skip to Main Content.
Site navigation
Fidelity.com Home
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log In
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log Out
  • Accounts & Trade
    • Portfolio Log In Required
    • Portfolio
    • AccountPositions Log In Required
    • AccountPositions
    • Trade Log In Required
    • Trade
    • Trading Dashboard Log In Required
    • Trading Dashboard Log In Required
    • Active Trader Pro
    • Transfers
    • Cash Management Log In Required
    • Cash Management
    • Bill Pay Log In Required
    • Bill Pay
    • Full View Log In Required
    • Full View
    • Security Settings Log In Required
    • Security Settings
    • Account Features Log In Required
    • Account Features
    • Statements Log In Required
    • Statements
    • Fidelity Alternative Investments Program Log In Required
    • Tax Forms & Information
    • Retirement Distributions Log In Required
    • Fidelity Rewards+registered trademark Log In Required
    • Fidelity Rewards+registered trademark Log In Required
    • New Account Checklist Log In Required
    • Lending Solutions-Line of Credit Log In Required
    • Refer a Friend
  • Planning & Advice
    • What We Offer
    • Build Your Plan
    • My Goals
    • Financial Basics
    • Building Savings
    • Robo Investing Plus Financial Advice
    • Wealth Management
    • Find an advisor
    • Retirement
    • Life Events
    • Saving & Investing for a Child
    • Charitable Giving
  • News & Research
    • News
    • Wealth Management Insights
    • Watch List Log In Required
    • Quotes
    • Quotes
    • Alerts Log In Required
    • Mutual Funds
    • Stocks
    • Fixed Income, Bonds & CDs
    • ETFs
    • Options
    • Markets & Sectors
    • IPOs
    • Annuities
    • Learning Center
    • Notebook
    • Notebook
  • Investment Products
    • Mutual Funds
    • Retirement & IRAs
    • Stocks and Trading
    • Crypto
    • Direct Indexing
    • Fixed Income, Bonds & CDs
    • ETFs
    • Options
    • Sustainable Investing
    • Cash Management & Credit Cards
    • Managed Accounts
    • 529 College Savings
    • Health Savings Accounts
    • Annuities
    • Life Insurance & Long Term Care
  • Why Fidelity
    • The Fidelity Advantage
    • Planning & Advice
    • Trading
    • Straightforward Pricing
    • Insights & Tools
    • Security & Protection
    • Marketplace Solutions
    • About Fidelity
    • Careers
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log In
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log Out
Content and data provided by various third parties and Fidelity − Terms of Use
  • Research >
  • Stocks >
  • News & Events >

Stock Details


  • Snapshot
  • Detailed Quote
  • Advanced Chart &
    Technical Analysis Opens in New Window
  • News & Events
  • Compare
  • Analyst Opinions
  • Research Reports
  • Key Statistics
  • Earnings
  • Dividends
  • Ownership & Insiders
  • Financial Statements
  • SEC Filings

RELATED RESOURCES

  • Stock Research Overview
  • Stock Screeners
  • Markets & Sectors
  • Fidelity Learning Center Opens in New Window
Print Format
Change Text Size:
  • Default text sizeA
  • Larger text sizeA
  • Largest text sizeA

US STOCKS-S&P 500, Dow slip as Cisco drags, Nasdaq steady after selloff

BY Reuters
— 10:43 AM ET 05/19/2022

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Kohl's falls on full-year forecast cut

* Canada Goose jumps on upbeat profit outlook

* Indexes: Dow off 0.89%, S&P slips 0.42%, Nasdaq up 0.26% (Updates to open)

By Devik Jain and Amruta Khandekar

May 19 (Reuters) - The S&P 500 and the Dow extended losses on Thursday as Cisco Systems (CSCO) slumped after it gave a dismal outlook, while investors fretted over the impact of surging inflation on economic growth and corporate earnings.

Shares of the networking gear maker slumped 12.7% as it lowered 2022 revenue growth outlook, taking a hit from Russia exit as well as component shortage due to China lockdowns.

Kohl's Corp slipped 1.1% after the department store chain cut its full-year profit forecast, the latest U.S. retailer to flag a hit from four-decades high inflation.

The S&P consumer staples index fell 1.9% to hit a seven-month low and was the biggest decliner among the 11 major sectors as retail firms face the brunt of rising prices hurting the purchasing power of U.S. consumers.

"The consumer component is now starting to weaken, which bolsters the perspective that we are indeed heading into a recession," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.

Consumer spending accounts for more than two-thirds of U.S. economic activity.

In the previous session, the S&P 500 and the Nasdaq closed down more than 4% as growth stocks sank and retailer Target Corp (TGT) posted weak results.

The benchmark index is down 18.6% from its record close on Jan. 3 and a close below 20% will confirm bear market territory, joining its tech-heavy peer Nasdaq.

Rate-sensitive growth have led the selloff this year as investors adjust to tightening financial conditions with the U.S. Federal Reserve raising rates.

"The central worry facing investors right now is how the Federal Reserve will or will not be able to tame inflation without causing a recession," Ryan Belanger, managing principal and founder of Claro Advisors said in a note.

"Investors should become accustomed to significant downside and upside moves in stocks, which is common during times of tremendous uncertainty."

Goldman Sachs strategists predicted a 35% chance of the U.S. economy entering a recession in the next two years, while Wells Fargo Investment Institute expects a mild U.S. recession at the end of 2022 and early 2023.

The Labor Department's report showed weekly jobless claims unexpectedly rose last week, while a separate data from the Philadelphia Fed showed its business conditions index dropped to a reading of 2.6 in May from 17.6 in April.

At 10:08 a.m. ET, the Dow Jones Industrial Average fell 0.89% to 31,211.38 and the S&P 500 dropped 0.42% to 3,907.16.

The battered Nasdaq Composite, however, edged 0.26% higher to 11,447.30, boosted by megacap tech and growth shares such as Alphabet Inc, Microsoft Corp (MSFT) and Amazon.com (AMZN).

The CBOE volatility index, also known as Wall Street's fear gauge, rose to 31.57 points, its highest since May 12.

Canada Goose Holdings Inc jumped 5.3% after it forecast upbeat annual earnings, encouraged by strong demand for its luxury parkas and jackets.

Declining issues outnumbered advancers for a 1.23-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.08-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week high and 42 new lows, while the Nasdaq recorded four new highs and 257 new lows. (Reporting by Devik Jain and Amruta Khandekar in Bengaluru; Editing by Shounak Dasgupta, Sriraj Kalluvila and Arun Koyyur)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

More MSFT News

  • US STOCKS-Wall St set to extend selloff as growth fears mount
    Reuters - 9:13 AM ET 05/19/2022
  • Tesla Bull Cathie Wood Scoops Up $11.5M In Bill Gates-Backed Biotech's Stock
    Benzinga - 7:12 AM ET 05/19/2022
  • US STOCKS-Futures signal more selling on Wall Street as growth fears mount
    Reuters - 6:51 AM ET 05/19/2022
Fidelity Investments. Copyright 1998–2022 FMR LLC. 
All rights reserved. 

  • Terms of Use|
  • Privacy|
  • Security|
  • Site Map 
Close