Shares of Walmart (WMT) stock and Cisco Systems (CSCO) weighed on the Dow in afternoon trading Thursday, but losses in the blue-chip index were contained. The selling picked up a bit, then backed off, after President Trump said he doubts trade negotiations with China will amount to anything.
XThe Dow and Nasdaq composite edged lower by 0.2%, while the S&P 500 gave back 0.1%. Small caps outperformed again, after the Russell 2000 marked an all-time closing high Wednesday. It was up another 0.5% in late-afternoon trading.
Walmart stock fell 2% even after earnings and sales topped expectations and e-commerce sales jumped 33%. Earnings and sales also beat at Cisco, but tepid guidance for the current quarter brought sellers into the stock. Shares were down 3%.
Most of the top-performing groups in the market hailed from the oil and gas sector, but not because of rising oil prices. U.S. crude oil futures were mostly flat around $71.53 a barrel.
Walmart Stock Weak Ahead Of Earnings
Walmart stock has been on a downtrend since late January. After a move above the 50-day moving average early Thursday, shares reversed below the line, which is a resistance level for now.
In stock market results today, World Wrestling Entertainment (WWE) surged 14% after the Hollywood Reporter said the company is shopping its popular Smackdown franchise to networks after NBCUniversal opted out of its current deal. Headed into Thursday, World Wresting was already well-extended in price after a breakout from a flat base in April. The buy point at the time was 39.19.
Elsewhere, China-based Baozun (BZUN) soared 15% to 51.74. Trading had been choppy in the stock ahead of its report, but shares gapped above the 50-day moving average. It's trying to clear a 52.43 entry. Adjusted quarterly profit rose 29% to 9 cents a share. Sales increased 25% to $146.4 million.
MarketSmith Growth 250 name Akamai Technologies (AKAM) added nearly 2% to 75.95 in heavy volume. The daily chart shows a cup-with-handle base with a 77.69 buy point.
After the close, chip-equipment firm Applied Materials (AMAT) will be out with quarterly results. Chipmakers have been showing relative strength of late, but the same can't be said for chip-equipment makers. Applied Materials is still on a downtrend as it gets resistance at the 50-day line. Shares were down 2% to 54.12.
The 10-year Treasury Yield edged higher again, rising 1 basis point to 3.11%.
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