Thursday, 12 May 2016

Wall Street Slumps as Disney and Macy's slam Consumer Shares

US stocks dropped on Wednesday and the Dow Jones industrial average suffered its worst day since February as feeble quarterly reports from Walt Disney, Macy's and Fossil undermined confidence across the consumer sector. 

The consumer discretionary index fell 1.98 percent, notching its worst day in three months, with all but three of its 88 components losing ground.

The biggest drag on the Dow, Disney dropped 4.04 percent after it posted a rare earnings miss. 

Department store Macy's tumbled 15.17 percent to its lowest since 2011, while watch maker Fossil sank as much as 34 percent to a 2009 low after the two companies slashed their full-year forecasts.

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