Wall St. Flat as Consumer Stocks’ Gains Offset by Tech, Financials

Deckers Outdoor Corp rose 15.4 percent to $65.56 after reporting a surprise quarterly adjusted profit. Big Lots was up 5.7 percent at $50.77 after the discount retailer raised its full-year profit forecast.

A strong batch of reports from retailers had also propelled the market on Thursday, when the S&P 500 and Nasdaq Composite closed at record highs.

The six-day winning streak is the market’s longest since February and investors could aim to cash in their gains ahead of the long weekend due to Monday’s Memorial Day holiday.

“The market is going to digest this move, people are going to take profits and are going to be a little cautious before the three-day weekend because, apart from all the good news, we still have potential for geo-political concerns that can come up at any time,” said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

At 9:37 a.m. ET the Dow Jones Industrial Average was down 18.61 points, or 0.09 percent, at 21,064.34, the S&P 500 was down 2.25 points, or 0.09 percent, at 2,412.82.

The Nasdaq Composite was down 4.12 points, or 0.07 percent, at 6,201.13.

Six of the 11 major S&P 500 sectors were lower, with the technology index’s 0.21 percent fall leading the decliners. The index has led most of the market’s gains of late.

The markets’ recent strength has been driven by strong quarterly earnings reports and the lack of major news updates on the political front, with President Donald Trump on his maiden presidential foreign visit.

However, with stocks at record levels and the earnings season in the rear view mirror, analysts say the market needs to see progress on Trump’s pro-growth policies, for the market to make further meaningful gains.

Earlier in the day, a report showed that the U.S. economy grew at a 1.2 percent pace in the first quarter, slightly more…

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