July 19, 2024

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U.S. Stocks Give Back Ground Following Recent Strength

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Stocks moved to the downside during trading on Tuesday, giving back ground after ending the previous session mostly higher. Selling pressure remained relatively subdued, however, allowing the major averages to hang on to the bulk of their recent gains.

The major averages all finished the day in the red, with the tech-heavy Nasdaq posting a more notably loss. While the Nasdaq slid 84.55 points or 0.6 percent to 14,199.98, the S&P 500 dipped 9.19 points or 0.2 percent to 4,538.19 and the Dow slipped 62.75 points or 0.2 percent to 35,088.29.

The pullback on Wall Street came as some traders looked to cash in on the recent strength in the markets, which has lifted the major averages to their best levels in over three months.

A negative reaction to some of the latest earnings news from major retailers also weighed on Wall Street, with shares of American Eagle Outfitters (AEO) plummeting by 15.8 percent.

The steep drop by American Eagle came even though the apparel and accessories retailer reported fiscal third quarter results that exceeded analyst estimates on both the top and bottom lines.

Department store operator Kohl’s (KSS) also showed a steep drop after reporting fiscal third quarter revenues that fell short of analyst estimates.

Lowe’s (LOW) and Best Buy (BBY) also moved to the downside after both companies reported weaker than expected fiscal third quarter revenues and lowered their full-year sales forecasts.

Meanwhile, shares of Dick’s Sporting Goods (DKS) jumped after the sporting goods retailer reported better than expected fiscal third quarter results and raised its full-year guidance.

The markets did not show much reaction to the minutes of the Federal Reserve’s latest monetary policy meeting, which said Fed officials expect to keep interest rates at a restrictive level for “some time.”

The minutes of the October 31-November 1 meeting said participants agreed policy should remain restrictive until inflation is clearly moving down sustainably toward the Fed’s 2…

2023-11-21 16:16:34

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