REUTERS: U.S. stocks tried to bounce back on Thursday from a steep selloff a day earlier, as strong retails sales data and upbeat Walmart earnings eased concerns of a recession, but mixed signals on trade and Cisco's dismal forecast capped gains.
"Data still indicates that the consumer is in a relatively good shape, it points to the fact that even with an inverted yield curve that we saw yesterday, a recession is not coming so fast," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. Cisco Systems Inc dropped 7per cent and was the biggest drag on all three major indexes, after the Dow component blamed the bruising U.S.-China trade war for poor quarterly forecasts.China's finance ministry said earlier in the day that it would retaliate to the latest U.S. tariffs, spooking markets initially.
Walmart Inc shares rose 4.3per cent after the retailer reported second-quarter U.S. comparable sales that beat estimates and boosted its earnings forecast for the year.
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