What's moving markets today

4:10 p.m. ET, February 14, 2019

Markets partially recover from retail scare, but Coke still suffers worst day in a decade

Investors were not quite ready to declare a retail emergency Thursday.

US markets finished off session lows, partially recovering from a selloff sparked by a sharp drop in December retail sales.

  • The Dow fell 104 points, rebounding from a loss of as much as 235 points
  • The S&P 500 dipped 0.3%, snapping a four-day win streak
  • The Nasdaq gained 0.1%, narrowly advancing for a fifth day in a row

Coca-Cola (KO) plunged 8% after posting gloomy guidance, marking its worst day since October 2008. Macy’s (M), Best Buy (BBY) and Target (TGT) closed mixed despite the dreary retail sales figures.

Wall Street did not react significantly to the news that President Donald Trump will sign the spending bill and declare a national emergency.

1:29 p.m. ET, February 14, 2019

Amazon cancels plans to build new headquarters in New York

Amazon (AMZN) just announced it's canceling plans to build a new headquarters in New York City.

What you need to know:

  • The company said in a statement the reason is because of a "number of state and local politicians have made it clear that they oppose our presence."
  • The stock is unchanged on the news.
  • Amazon selected the Queens neighborhood and Northern Virginia in November to split duty as its second headquarters after a year-long search. 
  • Follow live updates of this developing story.
12:32 p.m. ET, February 14, 2019

Midday check-in: Markets are mixed

Markets are mixed:

  • Dow is down around 30 points.
  • Nasdaq is up slightly.
  • S&P 500 is off -.25%

Shares are still being negatively impacted by this morning's horrible retail sales data report.

Some stocks of note:

  • Amazon (AMZN) shares are largely unchanged after it announced that it was scrapping plans for an additional headquarters in New York City. Follow our live coverage here.
  • Coca-Cola (KO) is on track to have its worst day since 2008 as shares dip 7% on disappointing 2019 forecast.
  • Canada Goose (GOOS) is down a surprising 9% despite posting a strong earnings report.
  • Outback Steakhouse owner Bloomin' Brands (BLMN) is up nearly 10% after its positive earnings.

11:41 a.m. ET, February 14, 2019

You won't have access to JPMorgan's crypto coin — at least not yet

If you're eager to start trading JPMorgan's newly announced cryptocurrency, you're going to have to be patient.

Initially JPM Coin is "designed for institutional customers because JPM doesn't want to run afoul of any regulations," CNN Business' Matt Egan said on First Move. But the company didn't dismiss the idea that JPM Coin could be used for normal people, a.k.a. "retail customers."

Egan added that the bank doesn't expect the cryptocurrency to be a big portion of its business in the immediate future.

JPMorgan (JPM) told him that in two-to-five years, JPM Coin will still be a "pretty small portion" of the trillions of dollars in payments that flow through the bank.

11:52 a.m. ET, February 14, 2019

Two reactions to sales data

🛍White House economic advisor Larry Kudlow is admittedly upbeat about today's earlier weak retail sales numbers for December.

Kudlow told Fox News earlier:

I'm going to play this from the optimistic side. There are glitches in that number. Some of it because of the shutdown and some of it because there is a message there that I'm glad the federal reserve is putting their rates on hold."

He went on to say the "overall economy is very strong ... despite this number."

🛍Federal Reserve Governor Lael Brainard was slightly more concerned than Kudlow.

Brainard had this to say on CNBC:

It certainly caught my eye. It's a miss. It's one month of data, so I don't want to take too much signal from it. It adds to a story we want to take onboard that there's some downside risks. At the same time, we're still getting pretty good numbers on payrolls."

Regarding future rate increases from the Fed, she added she's "comfortable waiting and learning" on more data to make a decision.

9:45 a.m. ET, February 14, 2019

Gloomy retail report shocks Wall Street, sending the Dow 200 points lower

Wall Street's economic jitters returned thanks to Thursday's horrible retail sales report.

Stocks were on track to open higher on optimism about US-China trade talks but the rally was short-circuited by new numbers showing December retail sales unexpectedly tumbled.

The economic concerns drove down retail stocks, with Macy’s (M), Nordstrom (JWN) and Target (TGT) retreating around 2% apiece.

Coca-Cola (KO) tumbled 7% after the beverage giant posted a decline in fourth-quarter sales and issued a disappointing outlook for 2019. Cisco (CSCO) jumped 3% after ramping up its buyback program by $15 billion and posting better-than-expected results. 

The selloff erases just a chunk of the stock market's recent surge. In fact, the S&P 500's 9.7% gain through the first 30 trading days of 2019 marked the best start to a year since 1991 and eighth best ever, according to Bespoke Investment Group.

12:45 p.m. ET, February 14, 2019

Shoppers shellshocked in December

Consumers were unexpectedly timid in December, according to numbers released Thursday by the Census Department. It's a potentially troubling indication of where the economy might be headed, and will be a drag on gross domestic product for the fourth quarter.

Retail sales fell 1.2% from November. That surprised analysts, who had forecast the number to grow instead. Still, Wall Street expects the drop to be an outlier, given the unusual stock market volatility in December and the government shutdown toward the end of the month.

These data are so wild that we have to expect hefty upward revisions, but if they stand, they are very unlikely to be representative of the trend over the next few months," wrote Pantheon Macroeconomics' Ian Shepherdson in a note to clients. "The consumer is no longer enjoying tax cuts or falling gas prices, but that’s no reason to expect a rollover."

The decline was concentrated in department stores as well as non-store sales — or e-commerce — which dropped 3.9% compared to the previous month.

Even so, e-commerce rose nearly 10% for the entire year compared to 2017. Sporting goods, hobby, musical instrument and book stores dropped almost 6%.

The numbers were delayed by the shutdown, when the Census Department was unable to collect data.

Walmart (WMT), Target (TGT), Nordstrom (JWN), and Macy’s (M) stocks all dropped slightly on the news. Those companies report earnings for the holidays in the next few weeks.

10:57 a.m. ET, February 14, 2019

Everyone still loves Outback's Bloomin' Onions

A strong showing from Outback Steakhouse has boosted shares of its parent company, Bloomin' Brands (BLMN), nearly 7% higher.

The company's fourth-quarter earnings beat analysts' expectations, helped by a 4% increase in same-store sales at Outback for 2018.

Bloomin' Brands said in a release that this marks the Aussie-themed steak chain's "eighth consecutive quarter of strong sales performance."

The company's stock is up 15% this year.

10:04 a.m. ET, February 14, 2019

Coke Zero is still doing great

People can't seem to get enough of Coca-Cola Zero Sugar.

The beverage company said in an earnings release Thursday that its growth in 2018 was led by the no-sugar beverage.

That's not surprising: Quarter after quarter, Zero Sugar has led the way for the company.

Coca-Cola (KO) has been expanding its offerings as consumers shy away from sugary sodas. It's been focusing on lower-calorie and lower-sugar drinks in particular.

Last year, the company agreed to buy UK-based Costa Coffee (it finalized the sale last month). It also took a stake in the energy drink BodyArmor to compete with Pepsi's Gatorade. And Coca-Cola is thinking about developing an energy drink itself.

Meanwhile, sales of its more traditional beverages have lagged. In North America, juice, dairy, plant-based beverages and tea all declined by volume in the last three months of 2018.

Overall, the company's sales declined 6% to $7.1 billion for the last three quarters of 2018, and fell 10% to $31.9 billion for the year. Coca-Cola blamed the decline on costs related to refranchising its bottling system, among other things.

Shares of the company were down roughly 4% before the bell after its outlook for 2019 fell short of expectations.