#stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto

To get the latest market news check out finance.yahoo.com

U.S. stocks were mixed on Thursday after a roaring rally in the middle of the week as investors digested news from corporate America that consumer spending may be set for a slowdown and oil prices hit a four-month low.

The Dow Jones Industrial Average (^DJI) dropped about almost 0.3% while the Nasdaq Composite (^IXIC) and the benchmark S&P 500 (^GSPC) teetered on both sides of the flat line.

Meanwhile, West Texas Intermediate crude oil (CL=F) declined nearly 5% to just below $73 a barrel, its lowest level in nearly four months.

Stocks have climbed as investors became more convinced that cooling inflation is signaling to Fed policymakers that their work is done and they can ease back on tightening. The Dow has risen for four days in a row and closed Wednesday at its highest level since August.

Some on Wall Street now wonder whether the market is overdoing its expectations of a shift, given the consumer resilience shown in Wednesday's retail data and Target's (TGT) earnings. Pimco CIO Daniel Ivascyn warned there was "too much enthusiasm" about rate cuts, saying "the inflation problem is far from being solved."

Walmart (WMT) reported quarterly earnings that topped estimates and raised its annual outlook, though by slightly less than expected. Its shares fell around 7%. Meanwhile, Macy's (M) stock jumped almost 10% after the department store's profit beat expectations as freight costs improved.

The market was also assessing President Joe Biden's high-stakes meeting with China's Xi Jinping, which wrapped Wednesday with the US leader welcoming progress in rebuilding ties between the superpowers. But economic differences remain, and Biden again described Xi as a "dictator." China stocks declined Thursday, with at least one analyst attributing the moves partly to Biden's remark.

For more on this article, please visit:
https://finance.yahoo.com/news/stock-market-news-today-oil-falls-5-small-caps-sink-as-market-mood-sours-124959847.html