Stocks edge down, and oil prices slide – Los Angeles Times

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U.S. stock indexes edged lower in morning trading Tuesday, extending modest losses from the day before. Several retailers posted quarterly results that fell short of Wall Street’s expectations. Bank stocks were down the most, reflecting a steep drop in bond yields. Phone companies led the gainers.

KEEPING SCORE: The Standard & Poor’s 500 index fell 4 points, or 0.2%, to 2,431 as of 11:05 a.m. Eastern Time. The Dow Jones industrial average slid 27 points, or 0.1%, to 21,156. The Nasdaq composite index was down less than 1 point to 6,294. Small-company stocks fell more than the rest of the market. The Russell 2000 declined 3 points, or 0.3%, to 1,392.

THE QUOTE: “The growth stocks are still doing, by and large, better than the value stocks, and the small-cap stocks are doing worse than the large caps,” said Tom Martin, senior portfolio manager at Globalt Investments.

BUMPY OUTLOOK: Conn’s slumped 13.9% to $16.25 after the furniture and mattress retailer issued a disappointing second-quarter outlook for sales at its established stores.

INCOVENIENT QUARTER: Casey’s General Stores slid 6.1% to $109.39 after the convenience store operator’s latest quarterly report card fell short of analysts’ expectations.

SALES BIND: Fastenal was down 4.8% to $42.52 after the maker of industrial fasteners reported its May sales figures. The stock was the biggest decliner in the S&P 500.

GOOD LOOK: G-III Apparel Group vaulted 22.7% to $24.40 after the owner of Wilsons Leather and G.H. Bass stores posted better-than-expected quarterly results. The company also raised its estimates for the year.

SMOOTH RIDE: Thor Industries jumped 10.6% to $104.74 after the RV maker reported profit and sales that handily beat Wall Street’s expectations.

MARKETS OVERSEAS: In Europe, a weak report on retail sales in the 19-country eurozone weighed on markets. Germany’s DAX was down 1%, and France’s CAC 40 declined 0.7%. Britain’s FTSE 100 was down 0.1% as the Thursday election there approaches. In Asia, Japan’s benchmark Nikkei 225 slid nearly 1%, while Hong Kong’s Hang Seng edged up 0.5%. South Korean markets were closed for a holiday.

ENERGY: Benchmark U.S. crude was down 18 cents, or 0.4%, at $47.22 a barrel in New York. The contract fell 26 cents Monday. Brent crude, used to price international oils, was down 28 cents, or 0.6%, at $49.19 a barrel in London.

CURRENCIES: In currency trading, the dollar weakened to 109.40 yen from 110.49 yen on Monday. The euro increased to $1.1271 from $1.1255.

TREASURY YIELDS: Bond prices rose. The 10-year Treasury yield fell to 2.14% from 2.18% late Monday.


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8:45 a.m.: This article was updated with market prices, context and analyst comment.

This article was originally published at 7 a.m.