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.