* 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 0.27 pct, S&P 0.37 pct, Nasdaq 0.42 pct
(Updates to early afternoon)
By Yashaswini Swamynathan
May 11 U.S. stocks trimmed losses on Thursday,
but were still on track for their biggest one-day fall in nearly
a month due to declines in retail and bank shares.
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.
The Dow Jones U.S. general retailers index was off
1.2 percent. Investors will get more insight into the U.S.
retail sector on Friday when the Commerce Department issues its
April retail sales report.
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 12:34 p.m. ET (1634 GMT), the Dow Jones Industrial
Average was down 43.41 points, or 0.21 percent, at
20,899.7, the S&P 500 was down 8.89 points, or 0.37
percent, at 2,390.74 and the Nasdaq Composite was down
26.03 points, or 0.42 percent, at 6,103.11.
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 a
rival 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 1,816
to 1,012. On the Nasdaq, 1,826 issues fell and 912 advanced.
The S&P 500 index showed nine 52-week highs and nine lows,
while the Nasdaq recorded 62 highs and 51 lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by