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.

Walmart said quarterly revenues rose largely on price increase and the retailer retained its full-year revenue outlook on the back of a stronger second-half performance expectations.

WMT

Home Depot Quarterly Income Rose 8%

Aug 16, 2022
Scott Peters
The home improvement retailer retained its outlook for annual revenues and earnings per share earnings growth. Customer transactions rose but average ticket size rose in the quarter.

HD
Ziprecruiter swung to a quarterly profit after the online employment site lowered its sales and marketing expenses.

ZIP
The apparel resale platform operator said second quarter revenues increased 27% and loss doubled.

TDUP

Retail Earnings Power Market Rebound

Aug 16, 2022
Barry Adams
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.

ALLY WMT HD TDUP ZIP
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.

Benchmark indexes closed up 3% in the week and extended two-month advances. Bond yield inched lower and crude oil and natural gas prices closed down. Investors are hoping the sliding energy prices are easing press

The restaurant payment platform operator said second quarter loss shrank after gross payment volume soared 62%.

TOST

Poshmark's Active Customers Jump 14%

Aug 12, 2022
Scott Peters
The social commerce fashion platform operator of new and secondhand apparel and accessories said gross volume rose 8% in the second quarter.

POSH

Olo Plunged 33% On Weak Annual Outlook

Aug 12, 2022
Scott Peters
The restaurant software company lowered its annual sales outlook and said quarterly loss expanded.

OLO
The car wash chain added 59,000 net new customers in the quarter and 185,000 in the first six-months of 2022 but lowered its annual revenues outlook.

MCW

LegalZoom.com's Quarterly Loss Shrank

Aug 12, 2022
Scott Peters
The online legal forms provider said quarterly loss shrank and lowered its revenue estimate. Average order value increased 5%.

LZ


Illumina plunged 20% after the genetic-sequencing company lowered annual revenue growth estimate. The company also increased its reserve for legal expenses.

ILMN