Stocks Dip on Fed Comments; Consumer Spending Weak for May (NKE, ZU)
Wall Street ended on Thursday slightly lower after several economic and corporate reports disappointed investors. Despite the drop for the S&P, this is only the third loss for the index in 10 trading days. The government announced that unemployment claims dropped last week, a good sign for the economy, but also announced that consumer spending only rose 0.2% last month which was half of what was predicted. The Fed reported that interest rate increases may come sooner rather than later, potentially by the end of the first quarter in 2015. Bed Bath & Beyond (BBBY) saw a large decline on Thursday of about 7% after posting its earnings for the quarter.GoPro (GPRO) began trading publicly for the first time today and saw positive results.
Word on the Street
- Stocks drop on Thursday after interest rate comments from the Fed.
- Nike (NKE) sees shares rally after beating earnings estimates for its fourth quarter.
- Public pensions in the US make slight gains in Q1.
- Americans begin to launch backlash over overdraft fees says a survey from The Pew Charitable Trusts.
- Zulily (ZU) receives rating upgrade on Thursday.
- Iron Mountain (IRM) Soars After Board Approves Conversion to REIT.
Published on Jun 26, 2014By InvestorGuide Staff