The major indexes closed lower Thursday, with the Dow Jones industrial average extending its losing streak to eight days — the longest in more than a year.
XThe Dow lost 0.8% and matched its worst losing streak since March 16-27, 2017. The S&P 500 fell 0.6% and the Nasdaq composite 0.9%. The small-cap Russell 2000 lost a milder 1%.
Indexes wiped away partial recoveries and sold off for most of the afternoon. Volume was nearly unchanged from Wednesday's totals, according to early figures. Decliners led advancers by 12-to-5 on the NYSE and by 13-to-5 on the Nasdaq.
Intel (INTC) was one of the weakest Dow components, down 2.4%, after CEO Brian Krzanich resigned following an investigation that revealed he had an improper relationship with an employee. Chief Financial Officer Robert Swan was named interim CEO. Intel shares closed below the 50-day moving average for the fourth day in row.
Chevron (CVX), Caterpillar (CAT), United Technologies (UTX) and Boeing (BA) also lagged in the Dow.
The internet retail industry group fell 2.4% after the U.S. Supreme Court ruled that states can force online retailers to collect sales taxes, even if those companies have no physical presence in those states. Brick and mortar retailers — who argued the law left them at a disadvantage vs. e-retailers — cheered the decision.
Amazon.com (AMZN), which already collects sales taxes, was off 1.1%. Wayfair (W), the defendant in the Supreme Court case, plunged as much as 9.5% before paring its loss to just 1.6%. Etsy (ETSY), a member of IBD Leaderboard, fell 1.2% in a volatile session.
Energy Sector Lower
Energy stocks also were broadly lower. The price of U.S. crude was little changed at $65.54 a barrel. Major oil producers are meeting Friday to discuss a possible increase to their production goals.
The supermarket industry group led Thursday, and it wasn't just a defensive play.
Kroger (KR) gapped up to a 10% gain after the supermarket operator posted earnings growth of 7% to 62 cents a share on a 2% rise in sales to $36.97 billion. Online sales jumped 66%. Kroger also raised the low end of its adjusted EPS guidance. The stock is forming the right side of a cup-type base.
Darden Restaurants (DRI) broke out of a base, soaring past a 100.21 buy point. The company reported that earnings grew 18% to $1.39 a share as revenue rose 10% to $2.13 billion. Same-store sales grew 2.2% for the parent of Olive Garden, LongHorn Steakhouse, Yard House and other restaurants.
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