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U.S. Stocks are Falling as Retail Earnings Continue to Pour Out

Stock Markets Aug 18, 2022 22:52
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By Liz Moyer

Investing.com -- U.S. stocks fell as retail earnings continued to pour out and investors considered fresh data on jobless claims and existing home sales.

At 10:36 ET (14:36 GMT), the Dow Jones Industrial Average was down 93 points or 0.3%, while the S&P 500 was down 1%, and the NASDAQ Composite was down 0.2%.

Kohl's Corp. (NYSE:KSS) cut its revenue and earnings guidance for the year, and its shares fell 6%. Higher promotions and costs cut into sales. The company said its middle-income shoppers are feeling pressure from inflation and cutting back on buying clothes and other discretionary goods.

Cosmetics giant Estée Lauder Companies Inc. (NYSE:EL) gave guidance for its fiscal first quarter that was short of expectations, and it expects net sales to decrease compared to the same quarter last year. Its shares rose 1.5%.

Meme stock Bed Bath & Beyond Inc. (NASDAQ:BBBY) tumbled 27% a day after Chairman and activist investor Ryan Cohen notified regulators he intended to sell the stake he owned in the company through his RC Ventures.

First-time jobless claims fell to 250,000 last week, and July’s existing home sales fell to 4.8 million annualized, and were down 5.9% from June.

Oil rose. Crude Oil WTI Futures was up more than 2% to $90.33 a barrel, while Brent Oil Futures was also up more than 2%, to $96.13 a barrel. Gold Futures was flat at $1,777.

U.S. Stocks are Falling as Retail Earnings Continue to Pour Out
 

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