NEW YORK (AP) — The majority of U.S. stocks are falling on Thursday, but gains for Walmart, Deere and other companies are helping to limit the damage.
The S&P 500 slipped 0.2% and was potentially heading for its first loss in four days. The Dow Jones Industrial Average was down 141 points, or 0.3%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.1% lower.
Booking Holdings dropped 7.6% for one of the market’s sharpest losses, even though the company behind the Booking.com, Priceline and OpenTable brands reported a profit for the latest quarter that edged past analysts’ expectations.
Its stock has been under pressure because of worries that competitors powered by artificial-intelligence technology could upend its industry and take away customers at some point. It’s lost more than a quarter of its value so far this year already.
Such worries have been rolling through the U.S. stock market recently, hitting industries as far flung as software and legal services and trucking logistics. Investors have so suddenly and aggressively been punishing stocks of companies seen as under threat by AI that analysts have likened it to a “shoot first-ask questions later” mentality.
Carvana sank 6.6% despite also reporting a stronger profit for the latest quarter than analysts expected. Investors may have been paying more attention to how much profit the auto retailer made per vehicle sold, which was lower than expected.
The majority of stocks across Wall Street fell, but Walmart helped to keep the market in check. The retail giant rose 1.5% after delivering stronger results for the latest quarter than analysts expected, though it gave a profit forecast for the upcoming year that fell short of estimates.
Deere was also strong and jumped 11.5% after the machinery maker reported a higher profit than analysts expected. CEO John May said it’s seeing a continued recovery in demand from construction and smaller agricultural customers, though its global, large agricultural customers are still feeling pressure.
The biggest gains in the S&P 500 came from stocks of oil companies, which climbed with the price of crude. A barrel of benchmark U.S. crude added 2.2% to $66.49, while Brent crude climbed 1.8% to $71.63.
Worries are rising again about a possible military confrontation between the United States and Iran. President Donald Trump has been raising the pressure on Iran, which is home to some of the world’s largest oil reserves, because of its disputed nuclear program. If a conflict were to break out, it could constrict the global flow of oil.
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Occidental Petroleum jumped 8.8% after it also reported a stronger profit for the latest quarter than analysts expected.
In the bond market, Treasury yields held relatively steady after a report said the number of U.S. workers applying for unemployment benefits eased last week. That could be a signal that the pace of layoffs is slowing.
A solid job market, in turn, could keep the Federal Reserve on hold for longer before it resumes its cuts to interest rates. Fed officials said at their last meeting that they want to see inflation fall further before they would support cutting rates further this year.
If oil prices keep rising, that would push upward on inflation.
The yield on the 10-year Treasury edged down to 4.08% from 4.09% late Wednesday.
Other U.S. economic reports said that growth for manufacturing in the mid-Atlantic region is accelerating, but potential homebuyers across the country didn’t sign as many contracts in January to purchase. The U.S. trade deficit also widened in December by more than economists expected.
In stock markets abroad, indexes fell in Europe following better performances in Asia.
South Korea’s Kospi jumped 3.1% as trading resumed following a Lunar New Year holiday. Markets in Hong Kong and Shanghai remained closed.
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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.