US stocks drift lower in early trade; Macy's down

AP News
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Posted: Aug 14, 2013 9:50 AM
US stocks drift lower in early trade; Macy's down

NEW YORK (AP) — Stocks are getting off to a weak start on Wall Street.

Macy's fell, dragging other retailers lower, after reporting disappointing profits and lowering its forecast for the year.

The Dow Jones industrial average fell 40 points, or 0.3 percent, to 15,413 after the first few minutes of trading Wednesday.

The Standard & Poor's 500 index was down a point, or 0.1 percent, at 1,692. The Nasdaq was down two points, or 0.1 percent, at 3,683.

Steinway Musical Instruments jumped 6 percent to $40.42 after agreeing to be purchased for $499 million by the investment firm Paulson & Co.

European markets rose after the countries that use the euro posted their first quarter of economic growth since their recession began in 2011.

Cisco will report its results after the closing bell.