U.S. stocks decline as investors speculate on Fed stimulus moves

Europe’s Economy

Separate data showed the euro area’s economy emerged from a record-long recession in the second quarter, led by Germany and France. Gross domestic product expanded 0.3% after a 0.3% contraction in the first quarter, the European Union’s statistics office said. That exceeded the median estimate of 0.2% growth in a Bloomberg survey of 41 economists.

Macy’s fell 4.4% to $46.37. The department-store chain cuts its full-year profit forecast after “softer than anticipated” sales in the second quarter amid “continuing uncertainty about spending on discretionary items.”

Cree plunged 21% to $60.17. The maker of energy- efficient lighting products predicted earnings in the first quarter will be no more than 41 cents a share, missing the average analyst estimate by 2 cents. The Durham, North Carolina- based company also posted fourth-quarter profit that matched projections and sales that fell short of forecasts.

Apple gained 1.4% to $496.61. Icahn, the billionaire activist investor who has made a career of pushing companies to make changes to boost shares, bought $1 billion worth of stock and wants Apple to allocate $150 billion for a repurchase, said a person with knowledge of his plans who asked not to be named because the investment was made privately.

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