US stocks dip; Nike down after earnings
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NEW YORK, Dec 22 — Wall Street stocks dipped early today following mixed US economic data and as Nike fell after reporting a drop in quarterly sales in North America.
About 20 minutes into trading, the Dow Jones Industrial Average was at 24,750.98, down 0.1 per cent.
The broad-based S&P 500 shed 0.1 per cent to 2,682.93, while the tech-rich Nasdaq Composite Index lost 0.2 per cent at 6,953.81.
After hitting numerous records in anticipation of passage of the massive US tax cut bill, US stocks have paused since the measure was actually approved by Congress.
A bump in orders for civilian and defence aircraft lifted US durable orders in November, but sales in other categories disappointed, according to new government data.
A separate government report showed inflation pressures remained tame despite an uptick in energy prices.
Dow member Nike lost 4.5 per cent after reporting second-quarter profit fell nine per cent to $767 million. The sports apparel and sneaker giant reported a drop in North American sales and cautioned that profit margins would be pressured in the upcoming quarter.
Biotech company Celgene dropped 2.9 per cent after disclosing disappointing results for a trial of its revlimid treatment for follicular lymphoma.
Trading volumes were expected to be light Friday ahead of the Christmas holiday today. — AFP