While you were sleeping: UPDATED US stocks fall for second day

Wall Street slid as Nike predicted slower-than-expected sales growth, fuelling concern about the company's profit outlook, while energy stocks declined with the price of oil.

The Dow Jones Industrial Average was down 79.98 points, or 0.45%, to 17,502.59 at the close. The Nasdaq Composite dropped 1.1% to 4768.86 while the Standard & Poor's 500 Index declined 0.6% to 2036.71.

Energy stocks led the S&P 500 lower, falling 2.1% as oil prices fell. US crude oil tumbled 4% to $US39.79 a barrel as government data confirmed a large rise in crude stockpiles, adding to the global glut of oil.

The Dow fell as slides in shares of Nike and those of Chevron, down 3.8% and 2.0% weaker respectively, outweighed gains in shares of UnitedHealth and those of Visa, last up 1.4% and 1.3% respectively.

Nike reported disappointing quarterly revenue and predicted sales would increase by a high-single-digit percentage during the next fiscal year, missing analysts' forecasts.

"Expectations were high, so they have to nail it or blow it out – and they didn't," Brian Yarbrough, an analyst for Edward Jones, told Bloomberg. "Any hiccup can cause this kind of reaction in the stock."

Chevron fell with other energy stocks as oil declined after a report showed a higher-than-forecast climb in US inventories.

GDP figure due
A government report on US gross domestic product, due Friday when US markets will be closed, may contain some bad news on corporate profits.

It is expected to show that corporate pre-tax earnings fell 9.5% in the fourth quarter from a year earlier, after dropping 5.1% in the third, Bloomberg reported, citing at economists at JPMorgan Chase & Co in New York.

That would be the biggest decline since the final months of 2008.

The latest housing data showed US home sales rose 2.0% to a seasonally adjusted annual rate of 512,000 units in February, following an upwardly revised rate of 502,000 units in January.

The Chicago Board Options Exchange Volatility Index, or VIX which is known as Wall Street's fear gauge, last traded 3.2% higher at 14.62.

The Dollar Index, which measures the greenback against a basket of six major currencies, last traded 0.5% higher.

Pinnacle loses CEO
Shares of Pinnacle Foods sank 10.1% after Keurig Green Mountain poached its CEO, Bob Gamgort.

He will start his new role on May 2 and replaces Brian Kelley, who will become vice chairman of the board, Waterbury, Vermont-based Keurig said in a statement.

Earlier this year a consortium led by privately held JAB Holding bought Keurig.

"I see a significant opportunity to build upon Keurig's unique combination of brands, partners and technologies by accelerating innovation and expanding penetration of single-serve systems to continue winning in the consumer market," Mr Gamgort said in the Keurig statement.

In Europe, the benchmark Stoxx Index ended the session with a decline of nearly 0.1% from the previous close. France's CAC 40 fell 0.2%.

The UK's FTSE 100 added 0.1%, while Germany's DAX rose 0.3%.

(BusinessDesk)