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NEW YORK (CNNMoney)
The Dow Jones industrial average lost 200 points in early trading while the S&P 500 and the Nasdaq both fell by more than 1%.
Wal-Mart (WMT, Fortune 500)reported lower-than-expected second-quarter U.S. sales early Thursday. Another retailer, Kohl's (KSS, Fortune 500), reported that its second-quarter sales rose, but profit fell and the retailer lowered its earnings forecast for the full year.
Those results come on the heels of news from Cisco (CSCO, Fortune 500) that sent shares plunging. The network equipment maker revealed plans to cut 4,000 jobs, citing difficult economic conditions.
Related: Fear & Greed Index, back in neutral
On the economic front, the U.S. government said jobless claims dropped by more than expected to 320,000, a decrease of 15,000 from the previous week's revised figure. The Labor Department said the consumer price index rose 0.2%, in line with expectations. CPI is a key gauge of inflation.
Investors continue to look for more clues on when the Federal Reserve will start to tighten monetary policy.
Chris Beauchamp, analyst with IG in London, said investors are still nervous about whether or not the Fed will begin to pull back on, or taper, its bond-buying program next month.
Related: China's underdog market surges
In other corporate news, J.C. Penney (JCP, Fortune 500) shares rose after investment manager George Soros revealed the size of his stake in the embattled retailer.
Shares of Gannett. (GCI, Fortune 500)slid after Berkshire Hathaway (BRKA, Fortune 500), the investment firm run by billionaire Warren Buffett, unloaded its shares of the newspaper giant. Berkshire disclosed its holdings in a quarterly filing with the Securities and Exchange Commission, which was released Thursday.
Berkshire also bought shares of Dish Network (DISH, Fortune 500), and Suncor Energy (SU) and ramped up its ownership of General Motors (GM, Fortune 500) in the second quarter.
European markets were weaker in morning trading, taking their cue from U.S. markets and a softer tone in Asia, where markets ended lower on the day. The Shanghai Composite lost almost 1%, while the Nikkei declined 2.1% as the yen strengthened. Hong Kong's Hang Seng was flat as traders returned from a one-day typhoon break.
First Published: August 15, 2013: 9:58 AM ET
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