Dick's Sporting Goods struggles with shifting consumer behavior and persistent supply chain issues. Zoom Video revenue growth continues to decelerate. Medtronic sales fall on supply chain disruptions.
Stocks lacked direction after a broad selloff on Monday and natural gas prices soared to the levels last seen in 2008. New home sales declined in July on rising prices and mortgage rates and longer construction time.
Rate path worries resurfaced and the market selloff anchored in tech stocks spread wide and deep barring the energy sector. Natural gas prices inched near $10 a unit and the volatile oil prices erased most of the 5% loss at close.
Stocks closed down amid inflation and rate worries and tech stocks led the losers. For the week, the S&P 500 declined 1.2% and the Nasdaq Composite index dropped 2.6%. The latest economic data in the euro zone and the U.K. indicated more pain ahead in the coming months.
Wayfair announced to cut 5% of its global staff. Ross Stores lowered its annual same store sales outlook. Foot Locker earnings revenues and earnings dropped. Deere lifts prices at a faster pace than cost increase.
Bath Body Works toned down its optimism after a quarter of weak performance. Estee Lauder sales weakness in Chine and business closure in Russia impacted quarterly earnings. Kohl's agreed to accelerate stock repurchase.
Stocks lacked direction and existing home sales declined for the sixth month in a row in July as buyers struggled to pay for record home prices. Weekly jobless claims held steady.
Federal Reserve policymakers discussed the risks of higher rates faster but also showed willingness to look beyond the recent decline in oil, gasoline and commodities prices.
Stocks on Wall Street turned lower after retail sales in July were flat and investors digested the latest batch of earnings. Home builders fell after mortgage application volume dropped to a 22-year low.
Benchmark indexes closed mixed after a volatile session dominated by retail sector stocks. Investors cheered the latest earnings from Walmart and Home Depot and hoped that the strength in consumer spending will be reflected in results of other retail companies.
Stocks struggled to stay in the positive territory and prices for crude oil fell but natural gas rose. Better-than-expected quarterly results from Home Depot and Walmart lifted market sentiment.
Stocks extend gains. China trimmed key lending rates after the latest economic data suggested a weakening rebound in economic activities. Crude oil fell 3%. Home builders confidence declined for the eighth month in a row.
China unexpectedly cut rates for the first time since January after industrial production and retail sales slowed in January. Despite the easing of lockdown conditions over the last three months, the economic activities rebound is weaker than anticipated.
