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Weak JC Penney, Nordstrom results weigh on US stocks

AFP

Weak earnings from department stores Nordstrom and JC Penney offset a better-than-expected US retail sales report Friday, leading US stocks mostly lower in opening trade.

Nordstrom reported a 64 percent drop in first-quarter earnings to $46 million, while Penney saw comparable sales fall 0.4 percent during the period. Nordstrom shares plunged 14.9 percent, while Penney lost 5.1 percent, sustaining a trend of weak retail earnings resulting in investor punishment.

US government data showed retail sales climbing a better-than-expected 1.3 percent in April, boosted by higher auto sales.

Five minutes into trade, the Dow Jones Industrial Average was down 0.2 percent at 17,690.23.

The broad-based S&P 500 lost 0.1 percent at 2,061.88, while the tech-rich Nasdaq Composite Index was essentially flat at 4,737.51.