U.S. stocks dipped on Thursday, after the major averages posted a third straight day of gains as traders bet that the omicron variant’s economic impacts won’t be as severe as initially thought.
The Dow Jones Industrial Average slid 148 points, or 0.4%. The S&P 500 and Nasdaq Composite each fell 0.3%.
Several travel-related stocks, which led the market higher throughout the week, were lower Thursday morning. Shares of Carnival fell 2%. Casino stocks Wynn Resorts and Las Vegas Sands fell 1%. United and Delta Air Lines were 1% lower too.
Separately, shares of Rent The Runway tumbled by 12% after reporting swelling losses and lower than pre-pandemic subscriber growth for its most recent quarter. Electric vehicle maker Lucid saw shares fall 4% after announcing a $1.75 billion offering of convertible senior notes.
Still, there were some positive morning moves as well. CVS gained 2% after it issued upbeat guidance ahead of its Investor Day. Home retailer RH soared about 10% after it reported blowout earnings and lifted the low end of its revenue outlook.
There are some notable earnings reports on Thursday, including from Oracle, Broadcom and Lululemon, all of which report after the market closes.
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