For the second day in a row, Wall Street has forfeited an early rally

Matteo Colombo

The Dow was unchanged in early Thursday afternoon after opening with a 100-point gain. The S&P 500 and Nasdaq also traded flat.

Verizon (VZ) dropped nearly 4%, leading the way lower on the Dow. Rivals T-Mobile (TMUS) and Sprint (S) retreated almost 5% apiece on concerns about the fate of their merger due to scrutiny from regulators.

US oil prices declined 1% to $58.84 a barrel. Crude bounced off earlier lows triggered by President Donald Trump urging OPEC to prevent oil prices from rising further.

Lululemon (LULU) surged 16% as Wall Street cheered the apparel maker’s strong sales and steady earnings growth.

Despite the recent volatility, the S&P 500 is still up an impressive 11.7% during the first quarter, which ends on Friday. That would mark Wall Street’s best quarter in seven years.


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