Investing.com -- U.S. stocks fell slightly on Thursday, recoiling from near 2016-yearly highs, as prominent billionaire investors George Soros and Carl Icahn delivered stinging public comments on the weakening state of the global economy.
In an exclusive interview with the Wall Street Journal, Soros cited a plethora of global concerns weighing on the current economic outlook including: China's debt-ridden economy, persistent economic struggles in Greece, the ongoing euro area migration crisis and the potential of a Brexit departure from the European Union in a controversial referendum in two weeks. Shortly after, Icahn echoed the sentiments in an interview with CNBC's Squawk Box. In mid-May, reports surfaced that Soros increased his holdings in gold by nearly $400 million to hedge against economic uncertainty. On Thursday, investors piled into safe havens such as gold and the Japanese yen, as global bond yields continued to plunge.
The Dow Jones Industrial Average fell 19.86 or 0.11% to 17,895.19, while the S&P 500 Composite index dipped 3.64 or 0.17% to 2,115.48, as both ended three-day winning streaks. On the S&P 500, seven of 10 sectors closed in the red, as stocks in the Basic Materials, Energy and Financials lagged. Stocks in the Utilities, Telecom and Consumer Goods industries led, each gaining more than 0.4% on the session. The NASDAQ Composite index, meanwhile, lost 3.64 or 0.17% to 2,115.48 as stocks in the biotech industry weighed.
The top performer on the Dow was Nike Inc (NYSE:NKE), which gained 0.85 or 1.56% to 54.97. Nike (NYSE:NKE), which has slumped more than 17% over the last six months, is widely viewed as a value play at its current level. Previously, the athletic apparel giant hit all-time record highs last fall amid double-digit revenue growth and strong sales outside the U.S. The worst performer was Caterpillar Inc (NYSE:CAT), which fell 0.86 or 1.10% to 77.25. It came despite a surge in gold futures, which rose to near 15-month highs on Thursday.
The biggest gainer on the NASDAQ was American Airlines Group (NASDAQ:AAL), which added 0.88 or 2.71% to 33.39. Earlier on Thursday, the Dallas-based airline carrier reported its fourth straight month of record traffic, including a 0.5% spike on an annual basis. Within the report, American Airlines flights to the Pacific coast rose 13% in May. The worst performer was Bed Bath & Beyond Inc (NASDAQ:BBBY), which fell 1.53 or 3.36% to 44.00. Over the last year, shares in the New Jersey-based merchandise retail chain are down by more than 35%.
The top performer on the S&P 500 was JM Smucker Company (NYSE:SJM), which soared 10.79 or 8.13% to 143.50. On Thursday, shares in The J.M. Smuckers Company popped after the Ohio-based fruit spread and ice cream topping company topped analysts' quarterly earnings per share estimates by 0.20. The worst performer was NRG Energy Inc (NYSE:NRG), which fell 1.16 or 6.50% to 16.63. Crude futures fell approximately 1% to retreat from 11-month highs at $51 a barrel.
On the New York Stock Exchange, declining issues outnumbered advancing ones by a 1,875-1,145 margin.