NEW YORK — Most U.S. stocks rose following mixed profit reports from big companies and signals that the economy may be cooling, but the worst day for Salesforce’s stock in nearly 20 years helped drag indexes lower. The S&P 500 sank 0.6% Thursday, even though the majority of stocks across Wall Street rose. The Dow Jones Industrial Average fell 0.9%, and the Nasdaq composite dipped 1.1%.
Kohl’s fell even more, 23.3%, after reporting a surprise loss for the latest quarter when analysts were expecting to see a profit. The retailer said sales fell in the quarter from a year earlier as customers pulled back on clearance items. It cut its forecasts for sales and other financial targets this year because of the stumble.
The drop in yields offered relief after they had climbed earlier this week on worries about tepid demand for Treasury bonds following several U.S. government auctions. Higher yields put downward pressure on all kinds of investments. A slowdown in the economy could give the Federal Reserve more confidence that inflation is sustainably heading down to its 2% target. That in turn could convince it to cut the federal funds rate, which has been sitting at the highest level in more than two decades.
Stubbornly high inflation earlier this year forced investors to push back repeatedly their forecasts for rate cuts this year, which proved way too optimistic. C3.ai jumped 20.3% after the software company topped expectations for both profit and revenue in the latest quarter. HP gained 18.1% after edging past forecasts for earnings.
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