US DOJ is Set to Announce Significant Crypto Enforcement ActionUS DOJ is Set to Announce Significant Crypto Enforcement Action
Crypto investors cheer talk of Binance criminal probe resolution By ReutersCrypto investors cheer talk of Binance criminal probe resolution By Reuters

U.S. Stocks Dip Amid Retail Earnings and Federal Reserve Anticipation

U.S. stocks are experiencing a downturn as traders react to disappointing retail results and await the Federal Reserve meeting minutes. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all opened lower, breaking a string of recent gains, particularly driven by tech shares.

Retail Sector Performance

Major retailers like Lowe’s and Best Buy saw their stocks fall after revising full-year sales outlooks downwards and reporting revenue misses.

Lowe’s reported a nearly 13% drop in sales year over year, while Best Buy’s revenue fell short of expectations, leading to a reduction in its fiscal year revenue and earnings per share projections.

American Eagle shares plummeted after a less-than-impressive holiday forecast, despite expecting sales growth ahead of analysts’ expectations.

Conversely, Abercrombie & Fitch exceeded estimates with a 20% jump in sales, raising its outlook in defiance of the broader apparel industry slowdown.

Dick’s Sporting Goods also raised its full-year guidance, citing strong back-to-school sales, with its shares opening higher after the announcement.

Federal Reserve and Tech Sector Influence

Investors are keenly awaiting the release of the Federal Reserve’s meeting minutes for insights into future rate decisions. The central bank’s previous meeting concluded with rates unchanged, and traders are speculating about the Fed’s next moves.

Meanwhile, tech stocks like Nvidia and HP are under close watch, with Nvidia’s shares experiencing a slight decline after reaching an all-time high.

Market Outlook and Expectations

The market’s focus is on the Fed’s meeting minutes and earnings reports from key tech companies, which are expected to provide direction for future trading. The current sentiment is cautious, with the Federal Open Market Committee anticipated to maintain rates at their December meeting.

Source link

About the Author: Editorial team of BIPNs

Main team of content of Any type of content should be approved by us.

Share your opinion. And leave a reply within the comments from below.

All Crypto Coins here »