Yahoo Finance US stocks dip as bank shares retreat
Wall Street stocks retreated early Thursday as financial stocks slipped into negative territory after big gains the last two sessions.
Shares of JPMorgan Chase, Citigroup and Bank of America were all down after strong rises Tuesday and Wednesday supported helped the overall market rally.
About 35 minutes into trade, the Dow Jones Industrial Average was less than 0.1 percent at 17,845.10.
The broad-based S&P 500 shed 0.1 percent to 2,089.16 while the tech-rich Nasdaq Composite Index lost 0.1 percent at 4,891.51.
US oil prices pushed above $50 a barrel for the first time in 2016, lifting producers like Anadarko Petroleum and oil-services giants Halliburton and Schlumberger.
US durable goods orders jumped 3.4 percent in April, led largely by aircraft and lesser contributions from cars and electronics, but showing weakness elsewhere in manufacturing.
Big-box store Costco Wholesale surged 5.3 percent as net income for the quarter ending May 8 rose 5.6 percent to $545 million despite flat comparable store sales. Earnings bested analyst expectations.
China's leading online marketplace Alibaba rose 3.1 percent, recovering part of the losses from Wednesday that came on news of a US investigation into its accounting.
Apparel company PVH, which owns the Calvin Klein and Tommy Hilfiger brands, advanced 5.4 percent as it lifted its earnings forecast following a better-than-expected first quarter. But it cautioned that global consumer spending remains "unpredictable" and that the US retail market is "increasingly volatile and promotional."
Discount retailer Dollar Tree surged 9.7 percent on better-than-expected earnings and its report that integration of the Family Dollar acquisition was on track.
