• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

Stocks struggle amid higher yields, poor retail earnings this week

by
November 24, 2021
in Breaking News
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

U.S. stocks struggled to rebound from their recent struggles on Wednesday as higher rates and poor retail earnings weighed on some sectors.

Related Posts

Ford Pauses $3.5 Billion EV Battery Plant. Why This Is Big.

Is Funded Trading Plus the Best Prop Trading Firm? Breaking Down the Facts

Charlie Munger Emphasizes Self-Awareness And Strategy: ‘I Don’t Play In A Game Where The Other People Are Wise And I’m Stupid. I Look For A Place Where I’m Wise And They’re Stupid’

Is TrendSpider the Best Backtesting Software? A Comprehensive Review

The Dow Jones Industrial Averaged shed 81 points, or about 0.2%. The S&P 500 was flat, while the tech-heavy Nasdaq Composite held on to a slight gain.

Earnings reports drove some of the biggest individual moves on Wednesday, as traditional retail stocks took a hit following poor quarterly results. Gap lost 22% and Nordstrom tumbled about 26% in early trading. Both companies reported earnings misses for the most recent quarter.

“A strong consumer and pent-up demand was supposed to make this a strong holiday season for retail, but margin and wage pressures are disrupting many retailer outlooks,” Ed Moya, senior market analyst at Oanda, said in a note to clients.

The recent rise in yields, which started around President Joe Biden’s renomination of Jerome Powell as chairman of the Federal Reserve on Monday, cooled slightly on Wednesday. The 10-year Treasury yield ended last week at 1.55% and was last at 1.65% Wednesday.

The move in rates has sent investors fleeing from tech and growth shares, while boosting some bank stocks and energy shares. The divided market has left the Dow in the green for the week so far, the S&P 500 slightly lower and the Nasdaq Composite down more than 1%.

“It’s certainly a story of more rotation,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. “The market is now — with the Powell renomination — thinking this is a reopening story, which sets aside any of the risks or concerns we might have about rising Covid infection rates.”

The market did receive some positive news on the economic front. Initial jobless claims for the prior week came in at 199,000, the lowest level in more than 50 years. GDP growth for the third quarter was revised up slightly to 2.1%, though economists expected it to rise to 2.2%. Personal income and consumer spending both rose more than expected.

The data was not uniformly positive, however, as durable goods orders showed an unexpected decline in October, according to the Census Bureau. Core PCE, the Fed’s preferred inflation measure, was up 4.1% year over year for October, matching estimates.

Following those earnings releases, the Atlanta Fed’s GDPNow tracker for fourth quarter groth rose to 8.6% from 8.2%.

Elsewhere, Tesla shares were lower again after Elon Musk sold another $1 billion in stock. Software stock Autodesk fell 15% after the company issued disappointing fourth-quarter guidance.

Computer hardware company HP’s shares got a more than 9% lift after reporting earnings that beat on the top and bottom lines and issuing higher first-quarter earnings guidance.

Rising Covid cases in Europe continued to worry investors. Germany was considering a full Covid lockdown.

Later on Wednesday, investors will be looking through the minutes from the latest Fed meeting.

U.S. markets are closed Thursday for Thanksgiving and will close early on Friday in a shortened session.

Next Post

FOMC Minutes: "Participants expected significant inflation pressures to last for longer than they previously expected"

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Ford Pauses $3.5 Billion EV Battery Plant. Why This Is Big.

by
September 26, 2023
0

Read more

Ford Pauses $3.5 Billion EV Battery Plant. Why This Is Big.

Charlie Munger Emphasizes Self-Awareness And Strategy: ‘I Don’t Play In A Game Where The Other People Are Wise And I’m Stupid. I Look For A Place Where I’m Wise And They’re Stupid’

Is Funded Trading Plus the Best Prop Trading Firm? Breaking Down the Facts

Is Sharesight the Best Stock Portfolio Tracker App? A Comprehensive Guide

Is TrendSpider the Best Backtesting Software? A Comprehensive Review

Is Apex Trader Funding the Best Prop Trading Firm? Key Insights Revealed

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home

moneyprofitnews