US stock indexes retreated from record highs Thursday as retailers and media companies declined and investors shrugged at quarterly reports from a few big banks.
Clothing companies and other retailers fell after the women’s clothing company J. Jill slashed its third-quarter forecast. The stock lost more than half its value.
AT&T had its worst one-day loss since 2008 after it said it lost more satellite and cable TV subscribers in the third quarter. Other cable and satellite TV companies also stumbled. Industrial companies and household goods makers finished higher.
JPMorgan Chase and Citigroup did better than analysts expected in the third quarter, but their stocks fell, and so did shares of other banks. They’ve made big gains over the last month, though.
CFRA Investment Strategist Lindsey Bell said the companies reported good results from their consumer banking businesses, but other divisions didn’t do as well. ‘‘The bar was set kind of high,’’ she said. ‘‘Given the run that these stocks have had into these earnings reports, they’re going to need to see these other businesses pick up steam.’’
The Standard & Poor’s 500 index fell 0.2 percent, to 2,550.93. The Dow Jones industrial average lost 0.1 percent, to 22,841.01. The Nasdaq Composite dipped 0.2 percent, to 6,591.51. Those three indexes had closed at record highs Wednesday. The Russell 2000 index of smaller-company stocks slipped 0.1 percent, to 1,505.16.
AT&T said it lost about 90,000 US DirecTV video subscribers in the third quarter because of growing competition in streaming video services — a bigger drop than the one it reported a year ago, even though it has launched DirecTV Now, an online service that doesn’t cost as much. The company said tighter credit standards and hurricanes also affected its business. AT&T stock fell 6.1 percent.
Verizon Communications shed 1 percent, and cable provider Comcast fell 3.8 percent. Dish Network slid 5.1 percent. Discovery Communications lost 3.6 percent.
Industrial and transportation companies like railroads did better than the rest of the market. Machinery maker Caterpillar gained 1.1 percent, and railroad operator Norfolk Southern rose 1.7 percent.
Citigroup said its investment banking business did well in the quarter, while JPMorgan Chase said its consumer banking business improved. But Citigroup fell 3.4 percent, and JPMorgan fell 0.9 percent.
J. Jill nose-dived, falling 51.1 percent, after slashing its third-quarter outlook. The company said retail and direct-to-consumer sales both fell short of expectations and cut its earnings forecast in half.
Retailer Express sank 8.3 percent, and Chico’s FAS lost 7.2 percent. Gap lost 4.3 percent.
Southwest Airlines rose and Hawaiian skidded after Southwest said it plans to start flying to Hawaii in 2018. Southwest rose 0.4 percent, while Hawaiian Holdings lost 2.5 percent.