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Wall Street heads for lower open as trade talks, retailers disappoint

Reuters 

By Sruthi Shankar

(Reuters) - U.S. stocks were set to open lower on Thursday after a solid four-day rally, as lack of details on U.S.-trade talks and disappointing holiday-season reports from retailers weighed on the mood.

said the talks with were extensive and helped establish a foundation for resolution, but gave no details at the end of their three-day meeting aimed at resolving a tariff dispute that has battered financial markets.

also edged lower on lack of any clear resolution from the talks, while weak factory-gate inflation data from and worse-than-expected industrial figures in rekindled worries about global growth.

"Right now, the market is down given there is a lack of positive and the fact that nothing clear came out (of trade talks) doesn't necessarily help," said Andre Bakhos, at in Bernardsville,

"Investors are thinking if they want a risk-on ahead of earnings season."

Shares of fell 9.1 percent in premarket trading after reporting anemic comparable sales growth during the final two months of 2018, and slumped 18.5 percent after cutting same-store sales forecast for the holiday quarter.

dropped 3.7 percent as it maintained full-year earnings forecast. declined 8.7 percent, while was off 1.5 percent.

that had led the recent surge were also lower. and shed 0.8 percent, while declined 0.8 percent.

At 8:45 a.m. ET, Dow were down 80 points, or 0.34 percent. S&P 500 were down 13 points, or 0.50 percent and Nasdaq 100 were down 40.5 points, or 0.61 percent.

The retreat came after the S&P 500's four-day rally, its longest in nearly four months, took the benchmark index more than 10 percent above the 20-month lows hit around

Those gains were on hopes of a trade deal, strong U.S. jobs data and recent indications that the is in no rush to raise interest rates.

Minutes from the Fed's most recent meeting, released on Wednesday, showed policymakers want to be patient. Investors will tune into Fed Jerome Powell's speech before the Economic Club of to see if the same tone continues.

fell 7.7 percent after the No.1 U.S. cut its forecast for fourth-quarter growth in unit revenue, a closely watched performance metric. That weighed on other airlines as well.

Among the bright spots, rose 0.3 percent after announcing thousands of job cuts, plans to exit unprofitable markets and discontinue loss-making vehicle lines as part of a turnaround effort in

One retailer trading higher was Bed Bath & Beyond Inc, which jumped 10.7 percent after the home furnishing company reported a better-than-expected quarterly profit and gave upbeat earnings forecast.

(Reporting by in Bengaluru; Editing by Shounak Dasgupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 19:33 IST
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