Stocks drift in early trade; Retail results mixed
NEW YORK (AP) — Stock indexes are little changed in early trading as retailers turn in mixed earnings and traders wait for testimony from the nominee to head the Federal Reserve.
Technology stocks fell after Cisco Systems reported disappointing earnings late Thursday and lowered its profit forecast for the full year.
The Dow Jones industrial average fell seven points, less than 0.1 percent, to 15,813 in the first few minutes of trading Thursday.
The Standard & Poor’s 500 index was flat at 1,781. The Nasdaq composite fell 11 points, or 0.3 percent, to 3,954.
Kohl’s plunged 9 percent after its results missed Wall Street’s estimates. Dillard’s rose 1 percent as profits increased.
Janet Yellen, the nominee to replace Ben Bernanke as head of the Fed, will testify before the Senate banking committee Thursday.