The US markets were trading lower on Thursday after dismal earnings report from Cisco (NASDAQ:CSCO) on Wednesday night and Wal-Mart (NYSE:WMT) on Thursday morning. Both Dow components said sales would not grow as quickly as originally expected prompting concerns over the strength of the US economy.
In economic news, the Labor Department reported initial jobless claims fell by 15,000 to a seasonably adjusted rate of 320,000 claims. The less volatile four week moving average fell to a five and a half year low of 332,000 claims.
In corporate news, Wal-Mart (NYSE:WMT) reported second quarter earnings climbed to $4.07 billion, or $1.24 per share, narrowly missing Wall Street estimates by a penny. In the quarter, sales rose to just over $116 billion, but these results also fell short of expectations. And Kohl's (NYSE:KSS) reported second quarter earnings of $231 million, or $1.04 per share, as revenue climbed by 2% to $4.29 billion. Results for the quarter were in line with Wall Street estimates, making shares of Kohl's one of the few bright spots in the market on Thursday.
After the bell, investors will review earnings reports from Applied Materials (NASDAQ:AMAT), Dell (DELL) and Nordstrom (NYSE:JWN).
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