Best Buy sales, comparable sales and earnings dropped as consumers avoid shopping expensive electronics. Big Lots comparable sales declined lapping stimulus driven purchases. Peloton said it needs more time to file its annual report.
Central bankers in the U.S. and Europe are expected to lift rates by at least 50 basis points at their next meetings and policymakers are playing catch up after four-decade high inflation spread wide and deep in the broader economies across the Atlantic.
Walmart announced a public offer to acquire remaining shares in South Africa-based retailer. Bristol-Myers said it plans to continue additional trials for its new blood thinner products despite the latest setback.
Stocks extended Friday's market selloff as investors focus on the implications of rising rates on the broader economy and company earnings. Energy complex stocks advanced.
Fed chief's tough stance against high inflation prompted a sharp selloff on Wall Street and in Europe. Indexes sank as investors recalibrated rate outlook after Powell hinted taming inflation may take longer and need tougher measures.
European markets extended weekly losses after comments from the U.S. Fed Chairman Powell heightened rate jitters. U.K. regulator lifted price cap on energy bills, reflecting sharp jump in market prices.
OpenText agreed to acquire Micro Focus for $6 billion. Gap withdrew its annual outlook and struggles with inventory surge and falling sales. Ulta Salon revised annual outlook slightly higher. Farfetch's operating loss in the quarter surged.
Fed Chairman Powell reiterated the central bank's commitment in combating inflation and highlighted that slower economic growth, higher rates and softer labor market conditions will inflict pain on households.
This week's earnings highlight diverging consumer trends. Demand for high-priced goods and services are still booming but at a slower pace and customers at the low-end are struggling to meet ends in the face of high energy and food prices.
U.S. economy in the second quarter contracted at a smaller rate but a measure of inflation rose faster than previously estimated. Energy prices edged lower but traded near recent highs.
Stocks on Wall Street and in Europe closed higher for the second day in a row. Federal Reserve stepped up high-inflation rhetoric. Crude oil and natural gas prices advanced despite the demand worries from China.
Toll Brothers lowered its annual home delivery guidance but lifted the average home sale price outlook. Nordstrom said it plans to aggressively manage its rising inventories. Advance Auto Parts said higher fuel cost is impacting its do-it-yourself business.
Stocks on Wall Street rebound after sliding for three days in a row. The fresh batch of quarterly results from retailers highlighted the shifting demand from consumers and elevated inflation.
Global markets are turning lower as investors navigate through slowing economic activities, hawkish central bankers committed to curbing demand, and 4-decade high inflation rooted in supply disruptions.
