NEW YORK, July 8 (Reuters) - U.S. stocks fell on Thursday as weak outlooks from Internet media company Yahoo Inc. and software maker Siebel Systems Inc. , along with disappointing June retail sales data, raised worries about the earnings season.
Technology stocks have especially been under pressure in recent days as a spate of profit warnings from software companies, including Siebel, prompted investors to again question the stocks' valuations.
Yahoo posted a second-quarter profit that more than doubled, but gave a weak sales outlook.
"Yahoo was not convincing of stronger growth ahead, so the tech decline continues and the fact that the market is now worrying about earnings will most likely lead it to retest the lower end of the trading range," said Peter Cardillo, chief market analyst and chief strategist at SW Bach and Co.
Major U.S. retailers reported disappointing June sales on Thursday, with Wal-Mart Stores Inc. generating its smallest monthly sales gain in more than a year as cool weather hurt demand for summer items such as air conditioners and pool toys.
The Standard & Poor's retailing index fell 1.8 percent.
The Dow Jones industrial average fell 27.73 points, or 0.27 percent, to 10,212.56. The broader Standard & Poor's 500 Index was down 4.07 points, or 0.36 percent, at 1,114.21. The technology-laced Nasdaq Composite Index dropped 14.67 points, or 0.75 percent, at 1,951.41.
Oil prices were on the rise again on Thursday, heading toward $40 a barrel, as worries about tight fuel stocks and fears of further supply disruption pushed prices higher.
Energy costs have been a worry for equity markets, as investors fear high fuel prices will slice into corporate profits.
Yahoo, which posted its earnings and outlook after the closing bell on Wednesday, fell $2.87, or 8.8 percent, to $29.73.
Siebel on Wednesday warned its second-quarter revenue would come in below expectations as customers delayed buying at the end of the quarter. Siebel dropped $1.18, or 12.9 percent to $8.03.
BMC Software Inc. , a network management software company, also lowered its first-quarter profit view, citing delays in customer purchases among its larger accounts. It fell $2.07, or 12 percent, to $14.60.
Before the open, Wal-Mart stores Inc. , the world's largest retailer, reported a 2.2 percent increase in June sales at its U.S. stores open at least a year. That figure came in at the low end of its already reduced forecast.
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