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Stocks - Wall Street Falls on Disappointing Retail Reports

Investing.com - Wall Street fell on Thursday as disappointing holiday sales numbers from retailers took the steam out of its prior four-day rally.

The S&P 500 fell 18 points, or 0.73%, as of 9:35 AM ET (14:35 GMT), while the Dow decreased 114 points, or 0.48%, and the tech-heavy Nasdaq Composite lost 60 points, or 0.87%.

Retailer Macy’s (NYSE:M) slumped 18% after cutting its same-store sales forecast, while Kohl’s (NYSE:KSS) fell 9% after reporting weak comparable sales growth for the holiday season.

Meanwhile, traders are also nervous about the lack of details on trade talks between the U.S. and China. The two countries wrapped up talks in Beijing on Wednesday, having extended the meetings to a third day.

"Right now, the market is down given there is a lack of positive news and the fact that nothing clear came out (of trade talks) doesn't necessarily help," said Andre Bakhos, managing director at New Vines Capital.

"Investors are thinking if they want a risk-on ahead of earnings season," Bakhos said.

Target (NYSE:TGT) fell 5% after reporting is chief financial officer was stepping down, which offset news that its holiday sales increased by 5.7%.

American Airlines (NASDAQ:AAL) fell 8.2% after it cut its profit outlook, while Tesla (NASDAQ:TSLA) dipped 1.2% after it announced it would stop selling its lowest-priced versions of its Model S and X.

Elsewhere, Twitter (NYSE:TWTR) rose 2.2% after Bank of America Merrill Lynch (NYSE:BAC) upgraded its recommendation to buy.

In commodities, gold futures rose 0.06% to $1,292.80 a troy ounce and crude oil decreased 1.7% to $51.51 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.2% to 94.95.

-- Reuters contributed to this report.

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