Retail Earnings Hold Down Stocks

(MENAFN- Baystreet) Retail earnings Hold Down Stocks


Stocks were down Tuesday as traders assessed some disappointing retail results and looked ahead to the release of the federal Reserve meeting minutes.
The Dow Jones Industrials stayed in the red 76.6 points to move into noon hour EST Tuesday at 35,074.30.
The S&P 500 let go of 12.22 points to 4,535.16.
The nasdaq dropped 105.49 points to 14,179.05.
Lowe's declined more than 2% after reducing its full-year sales outlook. Best Buy dropped 2.5% following a reduced full-year outlook and revenue miss. Clothing retailer American Eagle tumbled nearly 16% after weaker-than-expected operating income guidance for the full year.
Traders will also turn to earnings from Nvidia and HP. Nvidia shares hit an all-time high on Monday, but dipped 1.4% on Tuesday.
Meanwhile, e-commerce giant Amazon shed 2.7% after reports that former CEO Jeff Bezos may be selling more shares, after offloading 1.67 million shares last week.
The minutes from the Fed's Oct. 31-Nov.1 meeting are slated for release at 2 p.m. ET.
Traders are hoping to glean some insight into policymakers' rate decision after the central bank left its benchmark rate at 5.25%-5.5%, and learn what it might take for them to change tack going forward. Fed funds futures pricing suggests near unanimity that the Federal Open Market Committee will hold steady at its upcoming December meeting.
Prices for the 10-year Treasury advanced, lowering yields to 4.41% from Monday's 4.42%. Treasury prices and yields move in opposite directions.
Oil prices fell 43 cents to $77.40 U.S. a barrel.
Gold prices regained $23.00 to $2,003.30.


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