Stocks fell and oil prices rose Thursday, as a new wave of violence swept across Iraq. The Dow (^DJI) fell 109 points. The Nasdaq (^IXIC) closed 34 points lower and the S&P 500 (^GSPC) lost 14 points.
Investors had a pair of economic reports to mull over today. The Commerce Department reported retail sales rose by 0.3% in May. Economists were expecting an increase of 0.6%. Meanwhile, the Labor Department said weekly jobless claims rose by 4,000 last week to a seasonally adjusted 317,000. Economists were expecting applications to fall to 309,000.
Twitter’s (TWTR) Ali Rowghani resigned as its chief operating officer. In a filing with the Securities and Exchange Commission, the company said Rowghani will remain with the social media company as a “strategic advisor” to CEO Dick Costolo.
Amazon (AMZN) announced it will offer a music streaming service. The service will come free with the $99-a-year Amazon Prime program. Prime Music is one of several new services from Amazon revealed this week. Monday, it launched a subscription payment service called Amazon Payments. On Tuesday, Reuters reported that the company plans to connect customers to local services. And this week’s news comes ahead of a June 18th announcement of a rumored smartphone.
Reuters reported that craft store Michael's will go public this summer. Michael's, which has been planning an IPO for two years, went private in 2006 when Blackstone and Bain Capital bought it for $6 billion.
Facebook (FB) announced it will use information from outside the social network to sell ads. The company already collects information from users on what websites they visit and which mobile apps are downloaded. This is the first time the company will put this information in profiles it uses to sell ad. To address privacy concerns, Facebook will allow users to see why ads are being targeted to them, and add or remove certain interests from their profile.
Shares of Restoration Hardware (RH) surged more than 12% after the company raised its full-year outlook after earnings and revenue beat estimates. Shares of Lululemon (LULU), meanwhile, fell nearly 16% after its second quarter outlook fell short of analysts' expectations. It also lowered its earnings outlook for the year.
Tomorrow morning, the Bureau of Labor Statistics releases the producer price index, and Reuters/University of Michigan consumer sentiment index will also be released.