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Stocks set to end winning streak as retail gets slammed

FILE - In this Oct. 8, 2014, file photo, an American flag flies in front of the New York Stock Exchange. Asian stocks slid Friday, Nov. 13, 2015 following sharp losses on Wall Street as a slump in commodities markets deterred investors from riskier assets and expectations grew that the U.S. would soon move to raise interest rates. (AP Photo/Mark Lennihan, File)
FILE - In this Oct. 8, 2014, file photo, an American flag flies in front of the New York Stock Exchange. Asian stocks slid Friday, Nov. 13, 2015 following sharp losses on Wall Street as a slump in commodities markets deterred investors from riskier assets and expectations grew that the U.S. would soon move to raise interest rates. (AP Photo/Mark Lennihan, File) FILE - In this Oct. 8, 2014, file photo, an American flag flies in front of the New York Stock Exchange. Asian stocks slid Friday, Nov. 13, 2015 following sharp losses on Wall Street as a slump in commodities markets deterred investors from riskier assets and expectations grew that the U.S. would soon move to raise interest rates. (AP Photo/Mark Lennihan, File)

By Associated Press 3 min read

NEW YORK (AP) – More signs of trouble in the retail sector pulled stocks sharply lower Friday as the market heads for its first weekly loss after six straight weeks of gains. Nordstrom plunged after its earnings fell short of forecasts, and the company cut its full-year forecast. Macy’s delivered its own disappointing results earlier this week. J.C. Penney and GameStop also fell sharply.

KEEPING SCORE: The Dow Jones industrial average dropped 150 points, or 0.9 percent, to 17,297 as of 10:20 a.m. Eastern time. The Standard & Poor’s 500 index lost 17 points, or 0.8 percent, to 2,028. The Nasdaq composite index slid 54 points, or 1.1 percent, to 4,950.

RETAIL WOES: Department store operator Nordstrom retreated $9.97, or 15.7 percent, to $53.50 and watchmaker Fossil Group plunged $15.69, or 30.8 percent, to $35.52 after both companies announced weak third-quarter results and cut their forecasts for the year.

JC Penney’s results were about equal to analyst projections, but its stock lost 83 cents, or 9.4 percent, to $7.94. Earlier this week Macy’s also posted disappointing quarterly results. The latest reports were another warning sign about the holiday shopping season, which will soon kick into high gear.

WEAK SPENDING: U.S. retail spending edged up just 0.1 percent in October, a bit less than analysts expected. Prices charged by farmers, manufacturers and other producers fell in October. Both measurements show there is little sign of inflation in the U.S. economy. When inflation is higher, consumers have an incentive to spend more money.