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Dow, S&P 500 retreat from rally as health care selloff interrupts fed boost
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Loading...Investor sentiment soured on Thursday as a selloff in health care challenged optimism over the Federal Reserve's decision to raise interest rates.
The S&P 500 was down 0.16% and the Dow Jones Industrial Average slid 0.07%. The Nasdaq rose slightly, by 0.01%.
Stocks neared records on Wednesday after a rate hike from the Fed reaffirmed the central bank's faith in the strength of the U.S. economy. The Fed decided to raise the federal funds rate by 25 basis points to 0.75% to 1% following its March meeting, the third increase since 2008. The Fed forecast two more rate hikes in 2017, in-line with its previous forecasts and as markets anticipated.
Crude oil prices fluctuated on Thursday, levelling off after a days-long selloff followed by a one-day rally on Wednesday. Crude surged a day earlier after a weekly reading on domestic stockpiles showed a surprise decrease.
Snap (SNAP) traded at its lowest level ever on Thursday, finishing down 4% following days of declines.
Canada Goose (GOOS) opened for trading on the New York Stock Exchange Thursday morning. The outerwear brand made its market debut at $18 a share.
Oracle (ORCL) rose 6% after exceeding quarterly estimates on its bottom line and raising its dividend. Adjusted earnings of 69 cents a share beat consensus by 7 cents, while sales rose 2.1% to $9.2 billion. The tech company increased its dividend to 19 cents a share from 15 cents.
Guess (GES) tumbled 11% after issuing a soft outlook. The apparel retailer anticipates a first-quarter loss of 30 cents to 33 cents a share, deeper than an estimates loss of 23 cents.
GoPro (GPRO) surged 16% after affirming its first-quarter guidance at the high-end of its previous range of $190 million to $210 million. The action camera maker also announced restructuring efforts that will reduce adjusted operating expenses to below $495 million.
Tesla (TSLA) increased nearly 3% after announcing a stock sale. The electric automaker offered $250 million in common stock and $750 million in convertible senior notes due in 2022.
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