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.
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.
