Yahoo Finance Stocks - Wall Street Tumbles as Retail Earnings Can't Overwhelm Turkey Worries
Investing.com - Wall Street opened lower Wednesday on concerns about retail earnings and global market weakness.
The Dow fell about 0.6%, while the Nasdaq composite lost about 0.6% and the S&P 500 fell about 0.6%.
Turkey remained problematic for investors, keeping money on the sidelines. Turkey doubled tariffs on a few imports from the U.S., including alcohol, cars and tobacco.
Meanwhile, Beijing has lodged a complaint to the World Trade Organization to help determine the legality of U.S. tariff and subsidy policies.
Department store chain Macy’s (NYSE:M) tumbled 9% despite posting very strong fiscal second-quarter numbers. Macy’s stock was already close to a 52-week high.
Kohl’s (NYSE:KSS), Nordstrom (NYSE:JWN) and JC Penney (NYSE:JCP) all started the session in the red.
Meanwhile, shares of Apple (NASDAQ:AAPL) slumped despite news that Berkshire Hathaway (NYSE:BRKb) had upped its stake in the company.
E-commerce giant Alibaba (NYSE:BABA) fell roughly 3%. Losses picked up speed after Chinese internet giant Tencent reported a surprise drop in second-quarter net profit, its first decline in nearly 13 years.
And Tesla (NASDAQ:TSLA) shares lost 2% after Bloomberg reported that Chief Executive Elon Musk hadn’t officially tapped Goldman Sachs (NYSE:GS) as its financial adviser when he revealed plans last week to take the car maker private and said he had secured funding for the deal.
In Europe, stocks were down. Germany’s DAX fell 1.3%, while in France the CAC 40 decreased 1.4%, and in London, the FTSE 100 was down 1.3%.
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