Market report

Indexes drift, close slightly lower

NEW YORK -- U.S. stock indexes ticked lower on Thursday, but only after a circuitous ride that saw them flip multiple times between small gains and losses. It's the latest meandering course for a market that's been pushed in many directions the past few weeks.

Food companies struggled after the makers of Spam and Folgers coffee reported weaker-than-expected results, and grocers fell after Amazon said it plans to cut prices for avocados, eggs and other products when it takes control of Whole Foods next week. Retailers, meanwhile, were big winners after a wide variety said they earned fatter profits last quarter than Wall Street forecast.

The Standard & Poor's 500 index fell 5.07 points, or 0.2 percent, to 2,438.97. Through the day, it flipped between gains of up to 0.3 percent and losses of up to 0.3 percent.

The Dow Jones industrial average fell 28.69 points, or 0.1 percent, to 21,783.40, the Nasdaq composite fell 7.08 points, or 0.1 percent, to 6,271.33 and the Russell 2000 index of small-cap stocks rose 4.14 points, or 0.3 percent, to 1,373.88.

The market has drifted up and down since the S&P 500 set a record high earlier this month. Helping stocks has been strong growth in profits, and most S&P 500 companies have reported higher earnings for the spring quarter than analysts forecast, along with healthier revenue.

Hurting stocks have been worries about politics both in Washington and abroad. Doubts are rising about how much help the Republican-led White House and Congress can provide for businesses. Several crucial deadlines are coming up that could damage the economy, including a vote to avoid a default on the national debt, though most investors expect calamity to be averted.

This week has also featured lighter trading than usual, with few market-moving events on the calendar. That may be exacerbating moves for the market. For all the noise, though, the S&P 500 is still within 1.7 percent of its record.

On Thursday, stocks on the New York Stock Exchange were nearly evenly split between stocks that rose and fell.

On the losing side was J.M. Smucker, which had the biggest loss in the S&P 500 after reporting weaker profit for the latest quarter than Wall Street expected. It cited weaker-than-expected sales for Folgers coffee, and it also lowered the range for its forecast of full-year profit. The stock dropped $11.34, or 9.5 percent, to $107.51.

Hormel Foods fell after it cut its forecast for full-year earnings because of higher costs for pork bellies and other ingredients. Its stock lost $1.83, or 5.4 percent, to $32.09.

On the winning side were retailers, led by Signet Jewelers, which jumped $8.65, or 16.7 percent, to $60.54. Strong sales of bracelets, rings and necklaces helped it report bigger revenue and profit for the latest quarter than analysts expected. Signet also said it was acquiring R2Net, an online jewelry retailer, for $328 million in cash.

Dollar Tree shares surged after it reported stronger earnings than Wall Street forecast. Customers bought more at each store visit than they did a year ago, and the company raised its forecast for profit this year. Dollar Tree's stock rose $4.18, or 5.6 percent, to $78.50.

Benchmark U.S. crude fell 98 cents, or 2 percent, to settle at $47.43 per barrel. Brent crude, the international standard, fell 53 cents, or 1 percent, to settle at $52.04 a barrel.

Business on 08/25/2017

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