Stocks retreat as reports begin

NEW YORK - U.S. stock indexes retreated from their record highs Thursday as retailers and media companies declined and investors shrugged at quarterly reports from a few big banks.

Clothing companies and other retailers fell after women's clothing company J. Jill slashed its third-quarter forecast. The company's stock lost more than half its value.

AT&T had its worst one-day loss since 2008 after it said it lost more satellite and cable TV subscribers in the third quarter. Other cable and satellite TV companies also stumbled. Industrial companies and household goods makers finished higher.

JPMorgan Chase and Citigroup both did better than analysts expected in the third quarter, but their stocks fell and so did shares of other banks. They've made big gains over the last month.

The Standard & Poor's 500 index fell 4.31 points, or 0.2 percent, to 2,550.93. The Dow Jones industrial average lost 31.88 points, or 0.1 percent, to 22,841.01. The Nasdaq composite dipped 12.04 points, or 0.2 percent, to 6,591.51. Those three indexes closed at record highs Wednesday. The Russell 2000 index of smaller-company stocks slumped 1.76 points, or 0.1 percent, to 1,505.16.

AT&T said it lost about 90,000 DirecTV video subscribers in the U.S. in the third quarter because of growing competition in streaming video services. That's a bigger drop than the one it reported a year ago, even though it has launched DirecTV Now, an online service that doesn't cost as much. The company said tighter credit standards and hurricanes also affected its business. AT&T stock fell $2.33, or 6.1 percent, to $35.86.

Verizon Communications shed 51 cents, or 1 percent, to $48.35 and cable provider Comcast fell $1.47, or 3.8 percent, to $35.95. Dish Network slid $2.62, or 5.1 percent, to $49.03. Cable channel operator Discovery Communications lost 72 cents, or 3.6 percent, to $19.28.

J. Jill stock nose-dived after the retailer of women's clothes, shoes and accessories slashed its outlook for the third quarter. The company said retail and direct-to-consumer sales both fell short of its expectations and cut its earnings forecast in half. J. Jill stock opened at $13 a share after its March IPO and on Thursday it plunged $5.07, or 51.1 percent, to $4.86.

Southwest Airlines rose and Hawaiian skidded after Southwest said it plans to start flying to Hawaii. It will start selling tickets for those flights in 2018. Southwest stock picked up 26 cents to $58.81, while Hawaiian Holdings lost $1, or 2.5 percent, to $39.

Benchmark U.S. crude oil lost 70 cents, or 1.4 percent, to $50.60 a barrel in New York.

Gold rose $7.60 to $1,296.50 an ounce. Silver gained added 13 cents to $17.27 an ounce. Copper added 2 cents to $3.12 a pound.

The dollar inched down to 112.22 yen from 112.42 yen. The euro declined to $1.1836 from $1.1855.