Stock Market Momentum Cools

NEW YORK (AP) — U.S. stocks are drifting Thursday as Wall Street’s momentum cools following its latest record-setting day.

The S&P 500 was edging down by 0.1% in morning trading a day after leaping to set an all-time high for the 25th time this year. The Dow Jones Industrial Average was up 176 points, or 0.5%, as of 10 a.m. Eastern time, and the Nasdaq composite was down 0.3% a day after hitting its own record.

Big Lots tumbled 19.5% after reporting a larger loss for the latest quarter than expected. The retailer said it missed targets for sales because its customers are continuing to pull back on their spending, particularly for things that aren’t essentials.

Another retailer, Five Below, gave more discouraging comments about how its customers are doing. Its profit and revenue last quarter fell short of analysts’ expectations, and CEO Joel Anderson said struggles for the company’s core lower-income customers dragged on results, even as it saw strong growth from its higher-income customers. Five Below’s stock fell 12.3%.

Source: AP