* Macy's profit plunges, drags down retail stocks
* Snap Inc sinks on disappointing revenue, user growth
* Weekly jobless claims fall to 236,000 - report
* Indexes down: Dow 0.19 pct, S&P 0.32 pct, Nasdaq 0.34 pct
(Updates to open)
By Yashaswini Swamynathan
May 11 U.S. stocks were slightly lower on
Thursday, with the Dow on track for its third straight day of
losses, led by declines in consumer discretionary and technology
Macy's disappointing profit and a 11 percent slump in shares
took a toll on the consumer discretionary sector,
which fell 0.52 percent with all of its components in the red.
Kohl's was down about 2 percent despite beating
"Retail is front-and-center because it has been a sore area
for the market over the last year or two," said Adam Sarhan,
chief executive officer at 50 Park Investments.
At 9:41 a.m. EDT the Dow Jones industrial average was
down 40.78 points, or 0.19 percent, at 20,902.33, the S&P 500
was down 7.72 points, or 0.32 percent, at 2,391.91 and
the Nasdaq Composite was down 21.11 points, or 0.34
percent, at 6,108.04.
Ten of the 11 major S&P 500 sectors were lower. Technology
was down 0.3 percent, following losses in Microsoft
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 agreeing to be
bought by Verizon for $184 per share and terminated an
earlier deal with AT&T.
Whole Foods was up 5 percent after the grocer shook
up its board and appointed a new CFO.
Declining issues outnumbered advancers on the NYSE by 1,836
to 718. On the Nasdaq, 1,662 issues fell and 606 advanced.
The S&P 500 index showed six 52-week highs and six lows,
while the Nasdaq recorded 28 highs and 16 lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by