The Dow Jones industrial average gave up 42 points to 16,412 as of 1:24 p.m. Eastern time.
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The S&P 500 was down 1.74 points, or 0.09 percent, at 1,925.08 and the Nasdaq Composite index was down 1.32 points, or 0.03 percent, at 4,532.74. That rally erased about half of the index’s losses since the beginning of the year.
Diluted earnings per share (EPS) came in at $1.43 on the net profit of $4.57 billion, down from the last year’s figure of $4.96 billion, $1.53 per share.
As for developments from within the retail sector as a whole, retail was clobbered in 2015 with worries that e-commerce would bankrupt department store chains and smaller boutique retailers.
Earlier today, the big box retailer cut its full-year sales outlook, citing the impact of store closings and a strong USA dollar.
Walmart CFO Brett Biggs said in the latest press release: “We’ve had a long history of returns to shareholders, and we’re pleased to continue building on that by raising our annual dividend for the 43rd consecutive year”.
Apple was down 1 percent at $97.10.
Traders also continued to keep a close eye on the price of crude oil, which pulled back further off Thursday’s intraday highs.
Oops. We’ll need to scratch that last one.
In metals trading, gold rose $14.90, or 1.2 percent, to $1,226.30 an ounce and silver added 5.5 cents to $15.432 an ounce.
Brent oil prices dropped after USA stockpiles increased again and Saudi Arabia ruled out cutting oil production. That would help address a giant supply glut and strengthen prices, which have fallen to their lowest level in about 13 years.
IRAN RELIEF: Iran’s oil minister said the country supports “any measure” to boost oil prices and voiced its support for a plan to stabilize and boost prices laid out earlier this week by four influential oil producers.
McMillon says that despite various setbacks in the past year, “we’re making progress with customers and associates, and feel good about where we’re heading”.
UNEMPLOYMENT: Weekly applications for unemployment benefits declined last week to a three-month low, a sign that hiring has remained solid despite big swings in the market. Following the announcement, the stock plunged as much as 4.5% during the pre-market hours. Analysts had predicted US$130.6 billion.
Logistics company Ingram Micro surged $6.69, or 22.6 percent, to $36.34 after it agreed to be bought by Chinese shipping company Tianjin Tianhai.
Net revenue was $128.6 billion. Investors view the discount retailer as a safe haven if the USA economy enters a recession.
Revenues dropped 1.4 percent to $129.7 billion, about $1.3 billion below analyst expectations.
CHANNEL CHANGED: Discovery Communications, the operator of TV channels like TLC and Animal Planet, stumbled after it posted disappointing profit and revenue in the fourth quarter. The stock fell 80 cents, or 3 percent, to $25.91. The company said the lower-than-expected revenue is blame for strong dollar effects. The stock gained $2.61, or 9.4 percent, to $30.27.
European markets were mixed. Asian stock markets rose. Japan’s Nikkei 225 jumped 2.3%, and South Korea’s Kospi rose 1.3%.
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BONDS, CURRENCIES: The yield on the 10-year Treasury note fell to 1.79 percent from 1.82 percent.
