Stock Market News: Earnings Send Foot Locker Stumbling, Salesforce Surging
Stocks began Friday on a negative note, as market participants reacted badly to the latest news on the trade front. In a sign of continued tension with the U.S., Chinese officials reportedly chose to retaliate with proposed tariffs on $75 billion in trade goods, potentially taking effect as soon as the beginning of September. That sent futures broadly lower before the market opened. As of 10:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 39 points to 26,213. The S&P 500 (SNPINDEX: ^GSPC) dropped 8 points to 2,915, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 26 points to 7,965.
Amid the geopolitical uncertainty, investors also focused on the latest earnings reports. Foot Locker (NYSE: FL) saw its stock move sharply lower when it failed to live up to investor expectations, but salesforce.com (NYSE: CRM) managed to climb on encouraging news from the tech front.
Shares of Foot Locker fell 12% after the footwear and athletic apparel retailer reported disappointing second-quarter financial results. The company said that revenue fell slightly from year-ago levels, sending adjusted earnings per share down by more than 10% over the same period.
Source Fool.com
