Stocks opened lower Thursday, as investors looked toward a congressional vote on the GOP's health care bill.
The Dow Jones industrial average and S&P 500 dipped 0.1%, while the Nasdaq fell 0.2%.
The week so far has seen all three major indexes tighten back up to their 50-day moving averages. The Dow Jones industrial stocks headed into Thursday's session down 1.2% so far for the week. The Nasdaq and the S&P 500 were off 1.3% apiece. The moves among small caps have been more exaggerated, with the Russell 2000 down 3.3% for the week after breaking below the 50-day line.
In Motion: Nike, Accenture, Five Below, FireEye
On the Dow, Nike (NKE) bounced 2%. Boeing (BA) rose a fraction.
Accenture (ACN) dropped 4%, and ConAgra Brands (CAG) climbed more than 1% after reporting quarterly results. Accenture on Wednesday broke out past a 125.82 cup base buy point but fell below that entry Thursday.
Apparel maker PVH (PVH), the old Philip Van Heusen, jumped 8.5%. The owner of the Tommy Hilfiger and Calvin Klein brands reported fourth-quarter results in line with expectations, but first-quarter and full-year earnings guidance above the consensus estimates.
Five Below (FIVE) leapt 7% in early trading, surging after the company beat analyst estimates in its fourth-quarter results reported late Wednesday.
FireEye (FEYE) bolted 8% higher after Goldman Sachs flipped the stock's rating to buy from sell and hoisted its price target 50% to 15. The security software maker's shares were already up 7% this week, boosted by a Bank of America upgrade Monday. Shares remain deep in a nine-month correction.
IBD 50 stock Charles Schwab (SCHW) climbed 0.2% at the open. The investment broker ended Wednesday down 6% for the week after cutting below its 10-week line in heavy trade. It remains extended following a November breakout.
Yellen Speaks, Dollar Mixed; On Deck: February New Home Sales
Federal Reserve Chair Janet Yellen gave opening remarks at the Fed's Community Development Research Conference in Washington early this morning. But she made no comments on the economy or monetary policy, according to Reuters, and is not scheduled to take questions from the press.
Unemployment claims rose to 258,000 during the week ended March 18, the Labor Department reported, and revised the prior week's estimate upward to 243,000 first-time claims. Economists had projected a decline for last week to 240,000 claims.
New home sales numbers for February, expected at 10 a.m. ET from the Commerce Department, also will be closely watched after Wednesday's disappointing readings on home price growth and sales of existing homes.
Minneapolis Federal Reserve Bank President Neel Kashkari is scheduled to speak at 12:30 p.m. ET.
Congress was expected to vote Thursday night on the GOP's health care bill, spearheaded by House Speaker Paul Ryan. Support for the measure remained in flux, with the White House reportedly reworking the measure early Thursday with an aim to gain votes. The impact on markets — whether the bill does or does not pass — was even less clear.
Healthcare and medical stocks of all stripes could see some impact. More broadly, the vote is being viewed as a reading on the Trump administration's ability to enact its agenda. This suggests the outcome of Thursday's vote could have a heavy impact on the Trump rally that helped power the Dow industrial average to a four-month rally following November's election.
In oil prices, West Texas Intermediate edged higher climbing back above $48 a barrel and still down more than 1% so far for the week. Gold traded above $1,250 an ounce, down a fraction. The dollar was once again mixed, up vs. the euro, down against the yen. The 10-year yield flattened at 2.40%.
Markets across Asia ended Thursday's session higher and Europe's markets turned mixed in afternoon trade. Frankfurt's DAX was up 0.3%, while London's FTSE 100 struggled with a fractional loss.
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