U.S. stocks closed lower Wednesday.
NEW YORK (CNNMoney)
Wal-Mart (WMT, Fortune 500) reported first quarter earnings and sales, and second quarter forecasts that fell short of estimates. Shares of the world's largest retailer fell nearly 3%, dragging down the Dow Jones industrial average more than 70 points in early trading. The S&P 500 and the Nasdaq also fell.
It seems Wal-Mart's famous "falling prices" translated to falling stock prices.
The big discount retailer blamed its poor sales and results on several factors, including bad weather and a delay in tax refunds caused by last fall's government shutdown.
Kohl's (KSS, Fortune 500) also had bad news. The department store chain said sales fell 3.4% in the first quarter, missing the company's own expectations. Shares were down 3%.
After the market closes, fellow J.C. Penney (JCP, Fortune 500) and Nordstro (JWN, Fortune 500)m will release quarterly reports.
General Motors (GM, Fortune 500) announced five new recalls covering 2.7 million vehicles, including a wiring flaw tied to 13 accidents and two injuries. It was the latest in a string of high-profile recalls this year that have hit the automaker's bottom line.
The technology sector was a bright spot in early trading Thursday. Cisco Systems (CSCO, Fortune 500) shares rallied more than 7% after the maker of information technology equipment and software reported earnings that beat expectations last night.
Related: Fear & Greed Index
The fast-food industry is also in the spotlight Thursday as workers plan demonstrations in 150 cities around the world to protest low wages. Shares of McDonald's (MCD, Fortune 500), Domino's (DPUKY) and Burger King (BKW) were only down modestly so far.
On the economic front, the government said new claims for unemployment benefits fell in the week ending May 10. As expected, consumer prices increased 0.3% in April. Excluding food and energy prices, the consumer price index rose 0.2% last month.
Federal Reserve chair Janet Yellen will be speaking about small business and the economy during a talk in Washington this evening.
U.S. stocks closed lower Wednesday. The Dow tumbled about 100 points, backing away from three consecutive record closes. The S&P 500 and Nasdaq also closed firmly in the red.
Related: CNNMoney's Tech30
European markets slipped after mixed economic data from the eurozone. Asian markets had a mixed day. Investors in Japan pushed the Nikkei lower, shrugging off an impressive report on strong economic growth in the first quarter.
First Published: May 15, 2014: 9:45 AM ET
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