Stocks slide...Mixed news on jobless claims...Tillerson: More work to do on trade with China
NEW YORK (AP) — Stocks are sinking in early Wall Street trading as technology and industrial companies, and most other parts of the market, take sharp losses. Google’s parent company Alphabet, eBay and Microsoft are among the stocks tumbling. Macy’s is climbing and Kohl’s is falling after the two department stores disclosed their third-quarter results.
WASHINGTON (AP) — The number of Americans filing applications for unemployment benefits has edged up slightly to 239,000, while the four-week average fell to a fresh 44-year low. The Labor Department says applications for jobless aid rose by a seasonally adjusted 10,000 last week after having fallen by 5,000 the previous week. But the four-week average, which smooths out week-to-week volatility, dropped to 231,250. That’s its lowest level since March 31, 1973, when it stood at 227,750.
BEIJING (AP) — Secretary of State Rex Tillerson says that when it comes to making progress on trade discussions with China, the accomplishments so far are “pretty small.” He says “There is a lot of work left to do.” Tillerson spoke to reporters as Trump was wrapping up his second and final day in China. Trump earlier called on China to address unfair trade practices, but stopped short of castigating Chinese President Xi Jinping (shee jihn-peeng). Trump said he didn’t blame China for having taken advantage of past U.S. administrations.
NEW YORK (AP) — There are signs it could be another challenging holiday shopping season for department store chains. Macy’s says its earnings more than doubled in the third quarter as it cut costs, but sales fell as it had a hard time pulling shoppers through its doors. Kohl’s reported a drop in quarterly profit but raised its outlook for the year. It’s been a tough year for retail overall, with store closings on pace to top the worst year of the recession.
BENTONVILLE, Ark. (AP) — Walmart hopes to tempt shoppers with online deals before Black Friday. It plans to offer most of its deals online starting just after midnight on Thanksgiving, with some starting Thursday. Stores will be open all day on Thanksgiving with the deals available there at 6 p.m. local time. Target also plans to offer Black Friday deals online starting Thanksgiving morning, but its stores won’t open until 6 p.m. Best Buy stores will open at 5 p.m. on Thanksgiving and stay open until 1 a.m. Friday.