Weak Retail Earnings Weigh On Markets


(MENAFN- Baystreet) Weak Retail Earnings Weigh on Markets






Advertisment


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 slid 61.82 points to open Tuesday at 35,089.22.
The S&P 500 parted ways with 13.88 points to 4,533.50.
The NASDAQ dropped 99.41 points to 14,185.12.
Lowe's declined 2.3% after reducing its full-year sales outlook. Best Buy dropped 2.7% following a reduced full-year outlook and revenue miss. Clothing retailer American Eagle tumbled 17.5% 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 0.7% on Tuesday.
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 4.39% from Monday's 4.42%. Treasury prices and yields move in opposite directions.
Oil prices ditched 63 cents to $77.20 U.S. a barrel.
Gold prices regained $27.60 to $2,007.50.









MENAFN21112023000212011056ID1107467288


Baystreet.ca

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.