US stocks decided to slow down and take a nap on Thursday after two straight bullish rides as crude prices move back from the $50 per barrel level in early New York trade. Investors rejected superior-than-predicted economic reports.
On the economic front bookings for durable goods made in the U.S. surged in April, courtesy to robust demand for new cars, trucks and commercial jets. But a major unit of business investment declined again. In the meantime, weekly jobless claims declined to a one-month low, indicating the labor market stays superior. A measure of pending home sales surged in April, surging to the maximum level since February 2006. Sales of new homes also moved up in April, an indication that builders are pacing up construction as demand for housing stays higher.
The Dow Jones Industrial Average (DJIA) was down by 13 points, or 0.1%, to 17,836, consolidating following a 359-point surge over the last two sessions. The S&P 500 (SPX) moved lower 2 points, or 0.1%, to 2,088, while the Nasdaq Composite (COMP) was declining 5 points, or 0.1% at 4,890.
Apple Inc (NASDAQ:AAPL) has been planning to open its retail stores into India for years, but has long been obstructed by a sourcing demand in which almost 30% of a product’s parts must be obtained locally inside the country. This is a condition for every single-brand retail location that is possessed and operated by a foreign body. Previously this year, the Indian government reported it would think over exclusions to the rule on a case-by-case basis. Previously this month, Apple was apparently thinking over starting three retail stores in the coming future, together with a start-up incubator. Sadly, Indian government reps have decided to support the sourcing requirement. Apple would not be getting a green signal.
In major movers of the day, Dollar General Corp. (NYSE:DG) shares were up +4.36% after the company declared revised quarterly profit that came short forecasts, but revenue delighted investors.
Costco Wholesale Corp. (NASDAQ:COST) shares moved up +5.85% even after the company declared late Wednesday that its sales decayed in its third quarter.