* Macy's profit plunges, drags down retail stocks
* Snap Inc sinks on disappointing revenue, user growth
* All 11 S&P sectors in the red
* Indexes down: Dow 0.56 pct, S&P 0.61 2 pct, Nasdaq 0.76
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
May 11 U.S. stocks were on track to record their
steepest fall in nearly a month on Thursday amid broad declines,
led by retail and bank stocks.
Macy's dismal quarterly performance sent its shares
tumbling 13 percent, taking a toll on the consumer discretionary
sector, which fell 1 percent with all of its
components in the red.
Financials were off 0.87 percent as losses in Wells
Fargo and Bank of America weighed.
"Any market pullback, if orderly, are healthy as long as the
underlying fundamentals for the market are strong," said Matthew
Peterson, chief wealth strategist at LPL Financial in Charlotte,
At 10:56 a.m. ET (1456 GMT), the Dow Jones Industrial
Average was down 117.7 points, or 0.56 percent, at
20,825.41, the S&P 500 was down 14.69 points, or 0.61
percent, at 2,384.94 and the Nasdaq Composite was down
46.58 points, or 0.76 percent, at 6,082.57.
Strong corporate earnings, robust economic data and
expectations of fiscal stimulus in the United States have lifted
Wall Street to record highs.
"We've seen participation in the market broadening, in terms
of industries and the number of stocks, and that is a healthy
thing," Peterson said.
All of the 11 major S&P sectors were lower, with energy
and consumer staples bringing up the rear.
Shares of Snapchat owner Snap Inc plunged 20
percent after the company reported a slowdown in user growth and
revenue in its first earnings report as a public company.
Straight Path fell 20 percent after it agreed to be
taken over by Verizon in a $3.1 billion deal, snubbing an
offer from AT&T.
Merck was the top stock on the S&P and the Dow, up
1.5 percent after the U.S. FDA cleared its lung cancer
Declining issues outnumbered advancers on the NYSE by 2,045
to 742. On the Nasdaq, 2,024 issues fell and 623 advanced.
The S&P 500 index showed eight 52-week highs and nine lows,
while the Nasdaq recorded 42 highs and 43 lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by