US STOCKS edged lower yesterday, after the latest tension between Ukraine and Russia snapped the focus of investors back to the volatile region. However, a trio of economic reports pointed to improving conditions and helped mitigate declines. The second reading of gross domestic product showed the US economy rebounded more strongly than initially thought in the second quarter, while jobless claims fell for a second week.
The Dow Jones industrial average fell 42.44 points or 0.25 per cent, to 17,079.57, the S&P 500 lost 3.38 points or 0.17 per cent, to 1,996.74 and the Nasdaq Composite dropped 11.93 points or 0.26 per cent, to 4,557.70.
The Federal Bureau of Investigation said it was investigating media reports that several US financial firms had been victims of recent cyber attacks. JPMorgan Chase said it was investigating a possible attack, and its shares fell 0.7 per cent to $59.16. The S&P financial index lost 0.4 per cent as the worst performing of the 10 major S&P groups.
Abercrombie & Fitch lost 4.8 per cent to $41.87 after the retailer’s second-quarter same-store sales fell more than expected.
Williams-Sonoma tumbled 12 per cent to $65.93 a day after the high-end housewares retailer forecast third-quarter earnings that were lower than expected.
Workday fell 4.9 per cent to $85.89 even after the business software company raised its full-year revenue forecast, with some analysts citing its above-average stock valuations.