Stocks Head South in US Intraday

Stocks in the US were giving back gains made in the first part of Friday’s session, with the main benchmarks pulling lower as retail stocks retreated following a downgrade of Nordstrom’s (JWN).

The Dow Jones Industrial Average and the Nasdaq Composite were still poised to end the week in the green, with the post-election rally supporting equities, even as stocks were somewhat jolted on Wednesday by the Federal Open Market Committee’s decision to raise interest rates, and their projection for a faster pace of tightening in 2017. The Standard & Poor’s 500 was heading for a slim decline on the week as Friday’s retreat weighed.

JPMorgan Chase downgraded Nordstrom’s stock to underweight from neutral, and slashed the price target to $48 from $55. The department store company’s shares fell 9% and dragged down peers including Macy’s (M), which lost 5.3% and Kohl’s (KSS), which slid 5.7%.