The U.S. stock market seemed to ignore the positive jobs report and instead focused on comments from the European Central Bank president Mario Draghi, who said he would not lower interest rates. Investors really wanted to hear about more monetary easing and so the selling began.
The weekly jobs report continues to show strength in employment with only 247,000 filing for unemployment claims versus an expected 263,000, the lowest levels since 1973.
The S&P 500 is down 4 points to 2,097, the Dow Jones Industrial Average is dropping by 37 points to 18,059 and the Nasdaq is moving lower by 8 points to 4,940. The S&P Retail ETF is dropping by 10 cents to trade at $45.45.
Under Armour Inc. delivered strong first-quarter profits and sales that showed just how important basketball player Steph Curry is to the brand. Net income for the quarter increased 63 percent to $19 million, or 4 cents a diluted share, up from $12 million, or 3 cents, a year ago. This beat the FactSet estimate of 2 cents per diluted share. That helped pushed the stock up 6 percent to $46.73 in early trading. Footwear net revenues jumped 64 percent to $264 million from last year’s $161 million and most of that gain was attributed to the success of the Steph Curry signature basketball line.
Piper Jaffray downgraded Avon Products to Neutral from Overweight and set the price target at five dollars. Zacks Investment Research also cut the shares of Avon to a hold rating from a buy rating. The analyst blamed dismal results from the fourth quarter of 2015. Avon stock is dropping by 6 cents to trade at $4.93.
Perry Ellis International Inc. said that chief executive officer George Feldenkreis has been named executive chairman of the board and the current president and chief operating officer Oscar Feldenkreis will now be the ceo. George Feldenkreis founded the company 49 years ago and has served as ceo since 1993. The stock is falling 10 cents to trade at $18.78.
BeautyKind, an online beauty brand retailer, revealed that it has been approved by the Securities and Exchange Commission to do a Regulation A+ Initial Public Offering to raise up to $10 million. The general public can now invest in the company and once the offering is compete, the shares will trade in the Over-The-Counter marketplace.
Elsewhere, Europe’s markets were lower on the comments from Draghi. Asia markets closed the day mostly higher. Japan’s Nikkei ended up by 2.7 percent and the Hong Kong Hang Seng closed up by 1.8 Percent. China posted a slight loss of .07 percent.