Wall Street

Austin American-Statesman - - BUSINESS -

per­cent. That’s the big­gest in­crease since May.

The mar­ket jit­ters gave in­vestors an op­por­tu­nity to pocket some of their re­cent gains fol­low­ing a string of record highs fu­eled by strong cor­po­rate earn­ings.

“There’s not a fun­da­men­tal rea­son why what we’re see­ing out of North Korea right now should af­fect stock mar­ket prices, but it’s be­ing used as the rea­son to sell off right now be­cause we’ve been look­ing for it for so long,” Schiegoleit said.

“This re­ally is a profit-tak­ing sell-off. I don’t see it as a fear-driven sell-off.”

Tech­nol­ogy stocks, the big­gest gain­ers this year, led Thurs­day’s mar­ket slide.

Nvidia fell $7.37, or 4.3 per­cent, to $164.74, while Ad­vanced Mi­cro De­vices gave up 71 cents, or 5.5 per­cent, to $12.12.

Sev­eral fi­nan­cial sec­tor com­pa­nies also helped pull down the mar­ket. Bank of New York Mel­lon slid $2.09, or 3.9 per­cent, to $51.95, while Cit­i­zens Fi­nan­cial Group shed $1.32, or 3.8 per­cent, to $33.71.

Dis­ap­point­ing quar­terly re­sults from big depart­ment store chains also weighed down the mar­ket.

Macy’s tum­bled 10.2 per­cent af­ter the com­pany said its sales con­tin­ued to de­cline in the sec­ond quar­ter. The stock lost $2.36 to $20.67. Dil­lard’s slumped 15.9 per­cent af­ter the chain booked a loss for the sec­ond quar­ter as in­creased in­ven­tory led to big dis­counts. Its shares slid $11.64 to $61.70. Kohl’s also de­clined, giv­ing up $2.43, or 5.8 per­cent, to $39.50.

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