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Stock Market News for May 12, 2017

Benchmarks finished in the red on Thursday dragged down by retail stocks which suffered after Macy reported weaker than expected quarterly results. Meanwhile, weak earnings performance by Snap subdued investors’ confidence which ultimately had an adverse impact on the Nasdaq.

For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article.

The Dow Jones Industrial Average (DJI) declined 0.1% to close at 20,919.42. The S&P 500 fell 0.2% to close at 2,394.44. The tech-laden Nasdaq Composite Index declined 0.2% to close at 6,115.96. A total of around 6.7 billion shares were traded on Thursday, in line with the last 20-session average. Decliners outnumbered advancing stocks on the NYSE by a 1.58 to 1 ratio.

Macy's Shares Drop

Shares of Macy’s, Inc. M tanked 17% and dragged down the consumer discretionary sector, following the release of the company’s weaker-than-expected first quarter 2017 earnings results. Macy’s succumbed to a negative earnings surprise of 31.4% in the first quarter of fiscal 2017. Total sales also fell short of the estimate for the second quarter in row. Further, the company’s top and bottom lines continued to decline year over year.

Macy’s reported first-quarter adjusted earnings of $0.24 a share that missed the Zacks Consensus...