Stocks dip after another meandering day
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 last few weeks.
Food companies struggled after J.M. Smucker, the maker 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 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.
President Donald Trump again used Twitter to fuel the debate on legislation to keep the U.S. government open next month. Countering, House Speaker Paul Ryan said Thursday the borrowing limit will be raised.
This week has also featured lighter trading than usual, with few marketmoving 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.
One event that could capture the market’s attention is a symposium of central bankers in Jackson Hole, Wyo.
Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both expected to speak at the meeting on Friday. Few analysts expect to hear major surprises.
“I can’t imagine anything significant outside of what we already know, which is that over time global rates will move up,” said Tom Stringfellow, chief investment officer of Frost Investment Advisors. “Maybe we’ll get some commentary on how they’ll manage it to keep debt markets calm.”
In energy, Hurricane Harvey sent oil tumbling as it approached the refining hub on the Gulf Coast of Texas.
Benchmark U.S. crude fell 98 cents, or 2 percent, to settle at $47.43 per barrel.