Page 25 - ARUBA TODAY

BUSINESS Friday 31 May 2019
A25

US stocks give up some of their early gains on Wall Street

By DAMIAN J. TROISE PVH said the forecast in-
ALEX VEIGA cludes the impact of tariffs.
Associated Press It is the latest retailer suf-
Major U.S. stock indexes fering from the fallout of
edged higher in afternoon the ongoing trade war be-
trading Thursday, barely tween the U.S. and China.
holding on to gains after an Retailers have seesawed
early rally lost momentum. this week as they express
The market’s modest pick- concern over tariffs squeez-
up comes after two days of ing their businesses.
losses, which helped keep DOLLAR DEALS: Dollar Gen-
the S&P 500 on track for its eral rose 7.5% and Dollar
fourth weekly loss and its Tree rose 3.7% after the dis-
first monthly decline of the count retailers gave inves-
year. tors solid quarterly earnings
Stocks have been sliding in results.
volatile trading all month Dollar General beat fore-
as investors come to grips casts for a key sales mea-
with the potential impact sure at established stores. It
that the escalating trade pegged part of that growth
war between the U.S. and to customers buying more
China could have on cor- groceries and seasonal
porate and economic items. Dollar Tree matched
growth. Traders Patrick Casey, left, and Gregory Rowe work on the floor of the New York Stock Exchange, profit forecasts while beat-
Technology stocks, which Thursday, May 30, 2019. ing revenue forecasts for
have trailed only the ener- Associated Press the quarter.
gy sector in terms of losses Energy stocks fell the most Washington and Beijing. most of June. That’s when EARNINGS SCORECARD:
this month, accounted for as crude oil prices de- In early May the U.S. and U.S. and Chinese leaders Nearly all of the compa-
a big chunk of the market’s clined. Benchmark U.S. China concluded their 11th will have an opportunity to nies in the S&P 500 have re-
gains Thursday. Keysight crude was down 2.9% on round of trade talks with no meet at the next G20 sum- ported their latest round of
Technologies surged 10.8% oversupply concerns. The agreement. The U.S. then mit in Japan. quarterly financial results.
after beating analysts’ first federal government report- more than doubled duties Until then, investors will Analysts had issued dire
quarter profit forecasts. ed that crude stocks fell just on $200 billion in Chinese have to deal with more warnings for a severe earn-
Retailers and restaurant under 300,000 barrels last imports, and China re- uncertainty over the trade ings contraction early this
chains also notched solid week. Oil trading advisory sponded by raising its own war’s impact on global year, but the results have
gains. Dollar General rose firm Ritterbusch and Associ- tariffs. growth, corporate profit re- been surprisingly good.
sharply after reporting en- ates expected a decline of KEEPING SCORE: The S&P sults and monetary policy. Overall, profit contracted
couraging quarterly results. 2 million barrels. 500 index was up 0.1% as WRINKLED FORECAST: PVH, less than a half-percentage
Home Depot gained 1.1% With May almost at an end, of 1:52 p.m. Eastern time. the owner of the Calvin point. That’s far better than
and McDonald’s rose 1.4%. the S&P 500 is heading for The Dow Jones Industrial Klein and Tommy Hilfiger the 4% drop Wall Street ex-
Clothing and apparel mak- a loss of 5.5%. That would Average was up 19 points, brands, plunged 14.2% af- pected.
ers were weighed down be its first monthly loss since or 0.1%, at 25,146. The Nas- ter cutting its full year profit A few companies have
by weak financial results. December. The market has daq composite rose 0.1% forecast because of weak yet to report results. Ride-
PVH, which owns Calvin been heading steadily low- Major stock indexes in Eu- sales. PVH cited weak sales hailing company Uber,
Klein, plunged after cutting er this month as prospects rope rose broadly. in the U.S. and China and which went public earlier
its forecast for the year. for the economy have ANALYST’S TAKE: After a put some of the blame on in May, was scheduled to
Watchmaker Movado dimmed and as traders got rough May, trade concerns the ongoing trade war be- report its quarterly financial
Group dropped 4.5% after more worried about the lin- will likely continue hanging tween the world’s two big- results for the first time later
reporting weak earnings. gering trade feud between over the market through gest economies. Thursday.q