US open: Stocks slip on retail sales data, special election polls

Wall Street is moving lower following the release of data revealing a third consecutive month of falling retail sales, with some investors also carefully watching the special election to the US House of Representatives in the state of Pennsylvania.

At 1616 GMT, the Dow Jones Industrials Average was trading 1.07% or 266.64 point lower to 24,736.33 points, alongside a 0.50% or 13.83 point drop for the S&P 500 to 2,752.19 and a 0.21% or 15.19 point dip on the Nasdaq Composite to 7,947.50.

According to the Department of Commerce, US retail sales volumes shrank by 0.1% month-on-month in February (consensus: 0.3%).

In response to those figures, the yield on the benchmark 10-year US Treasury note was retreating by four basis points to 2.81%.

Acting as a backdrop, markets were keeping tabs on polls ahead of the special election to the US House of Representatives in the state of Pennsylvania, next Tuesday, which were showing the Republican and Democratic candidates running neck-to-neck.

Some observers were looking to the result as a bellwether ahead of the mid-term elections in the fall, with some arguing that a Democratic win might weigh on investor sentiment.

Stocks had ended in the red on Tuesday as investors mulled over news that President Trump had sacked US Secretary of State Rex Tillerson and replaced with him CIA director Mike Pompeo. The sacking came just days after Gary Cohn’s departure, sparking concerns that Trump has lost two key figures when it comes to economic and foreign policy.

Adding to jitters, as analysts at Deutsche Bank pointed out to clients, a report in the NY Times from the day before had suggested that further personnel changes might be on the cards over the coming week in the top ranks of the US administration.

In corporate news, shares of Signet Jewellers were plummeting following the release of its fourth-quarter earnings.

Elsewhere, Walmart revealed that it was expanding its online grocery delivery service from six US metro areas to more than 100 in total by the end of the year.

Also on Wednesday, Broadcom said it has withdrawn and terminated its offer to buy Qualcomm after President Trump blocked it on the grounds of national security.

"Although we are disappointed with this outcome, Broadcom will comply with the order," it said.

Dow Jones - Risers

Cisco Systems Inc. (CSCO) $45.62 1.02%
Unitedhealth Group Inc. (UNH) $228.35 0.62%
Johnson & Johnson (JNJ) $135.04 0.51%
Microsoft Corp. (MSFT) $94.80 0.41%
Walt Disney Co. (DIS) $104.09 0.35%
Travelers Company Inc. (TRV) $141.14 0.32%
International Business Machines Corp. (IBM) $159.78 0.29%
McDonald's Corp. (MCD) $158.58 0.23%
Nike Inc. (NKE) $66.26 0.14%
Verizon Communications Inc. (VZ) $48.71 0.12%

Dow Jones - Fallers

Boeing Co. (BA) $330.80 -2.32%
Coca-Cola Co. (KO) $44.15 -0.95%
Apple Inc. (AAPL) $178.80 -0.65%
Merck & Co. Inc. (MRK) $55.07 -0.55%
Intel Corp. (INTC) $51.55 -0.44%
Walmart Inc. (WMT) $87.91 -0.44%
Dowdupont Inc. (DWDP) $70.27 -0.43%
Procter & Gamble Co. (PG) $79.43 -0.37%
Exxon Mobil Corp. (XOM) $74.38 -0.20%
Caterpillar Inc. (CAT) $153.39 -0.20%

S&P 500 - Risers

Ford Motor Co. (F) $11.15 3.39%
Edison International (EIX) $64.02 3.16%
Paypal Holdings Inc (PYPL) $82.47 2.83%
Patterson Companies Inc. (PDCO) $25.32 2.55%
Tenet Healthcare Corp. (THC) $24.77 2.52%
Centene Corp. (CNC) $104.00 2.25%
Freeport-McMoRan Inc (FCX) $18.86 2.03%
Endo International Plc (ENDP) $7.15 2.00%
Netflix Inc. (NFLX) $321.72 1.85%
Altaba Inc. (AABA) $77.29 1.74%

S&P 500 - Fallers

Signet Jewelers Ltd (SIG) $40.10 -16.31%
Macy's Inc. (M) $28.96 -2.88%
Mattel Inc. (MAT) $14.10 -2.59%
Boeing Co. (BA) $330.80 -2.32%
QUALCOMM Inc. (QCOM) $58.40 -2.18%
Johnson Controls International plc (JCI) $38.06 -2.11%
Activision Blizzard Inc. (ATVI) $74.41 -2.00%
Under Armour Inc. Class A (UAA) $16.23 -1.99%
Kohls Corp. (KSS) $62.87 -1.93%
Electronic Arts Inc. (EA) $124.26 -1.83%

Nasdaq 100 - Risers

Paypal Holdings Inc (PYPL) $82.47 2.83%
Netflix Inc. (NFLX) $321.72 1.85%
NetEase Inc. Ads (NTES) $317.29 1.82%
Asml Holdings N.V. (ASML) $211.18 1.52%
Biogen Inc (BIIB) $287.13 1.37%
JD.com, Inc. (JD) $44.80 1.08%
Shire Plc Ads (SHPG) $132.64 1.08%
American Airlines Group (AAL) $56.83 1.07%
Align Technology Inc. (ALGN) $272.53 1.05%
Cisco Systems Inc. (CSCO) $45.62 1.02%

Nasdaq 100 - Fallers

Take-Two Interactive Software Inc. (TTWO) $106.46 -6.19%
Tesla Inc (TSLA) $334.38 -2.18%
QUALCOMM Inc. (QCOM) $58.40 -2.18%
Activision Blizzard Inc. (ATVI) $74.41 -2.00%
Electronic Arts Inc. (EA) $124.26 -1.83%
Cerner Corp. (CERN) $62.09 -1.52%
Charter Communications Inc. (CHTR) $344.77 -1.50%
Sirius XM Holdings Inc (SIRI) $6.44 -1.38%
Biomarin Pharmaceutical Inc. (BMRN) $85.03 -1.31%
Broadcom Limited (AVGO) $257.83 -1.30%