The US stocks on Thursday declined for a fifth consecutive day as Best Buy Co. and banks slid after the earnings by the corporate was disappointing and the Apple Inc. faced a decline in the technology shares.
Citigroup Inc. and Bank of America Corp. dropped at least 3.7 percent as both banks recorded a decline in fourth-quarter profit because the revenue from fixed-income trading decreased.
Best Buy dropped 14 percent as the largest electronics retailer cautioned that the price pressure as well as the sluggish demands are likely to hamper the results in the coming year. A gauge of homebuilders fell the most since June 2013.
The equity futures were reported fluctuating earlier in the day after the central bank of Switzerland unexpectedly gave up its minimum exchange rate.
“There’s a lot of uncertainty today about what to do with your Swiss holdings and their competitors, and commodities are all over the place, Thomas Garcia, head of equity trading at Thornburg Investment Management Inc., Santa Fe, New Mexico.
“The other thing is we’ve had mixed economic data and you’ve got earnings this week, which are going to have a big effect on the markets as people keep an eye on the consumer,” Garcia further said.
On the other hand, the S&P 500 dropped 0.9 percent to 1,992.67 as of 4 pm in New York, which is the lowest shutdown for the day since December 16.
While the Dow Jones Industrial Average fell 106.38 points or 0.6 percent to 17,320.71,the Nasdaq 100 Index dropped 1.4 percent.