Reports that the President-elect's transition team is considering an import tariff dragged down retail stocks. Fred Katayama reports.
U.S. stocks slipping in quiet trading Thursday, dragged down by retailers. CNN reported President-elect Donald Trump's transition team is considering an import tariff, and that pressured retail stocks. Trading was thin. Ross Gerber of Gerber Kawasaki: SOUNDBITE: ROSS GERBER, CEO, GERBER KAWASAKI, (ENGLISH) SAYING: "Pretty much, everybody's checked out, and you know, you walk around town and it's pretty quiet right now. People are preparing for Christmas and they're shopping, you know. So we don't expect much through the end of the year with the markets. I think this is pretty much where we'll be." The U.S. economy grew at a 3.5 percent rate in the third quarter, much faster than the Commerce Department's earlier estimate. But the economy may have slowed in the current quarter. Consumer spending increased modestly in November. And the number of Americans applying for jobless benefits last week remained below a level associated with job market strength. Apple fell. Nokia filed several lawsuits against the iPhone maker. It alleges Apple violates 32 of its technology patents. Weight Watchers shares shot higher. People magazine reports TV talk show host Oprah Winfrey will celebrate her 40 pound weight loss using the program in the first of two new ads that'll launch next week. Micron Technology shares sizzled. The chipmaker issued profit and revenue forecasts for the current quarter that were much higher than analysts' estimates. In Europe, stocks edged lower, pulled down by technology and telecom shares. The major indexes finished mixed.