Breaking News
LAST CHANCE for Cyber Monday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow Jones Futures Fall 115 Pts; Retail Stocks Head Lower

Stock MarketsNov 24, 2021 06:58AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening lower Wednesday, weighed on by disappointing earnings from a couple of significant retailers, ahead of key economic data releases and the minutes from the last Federal Reserve meeting.

At 7:20 AM ET (1220 GMT), the Dow Futures contract was down 124 points, or 0.4%, S&P 500 Futures traded 15 points, or 0.3%, lower and Nasdaq 100 Futures slumped further, dropping 63 points, or 0.4%.

The retail sector is likely to trade significantly lower Wednesday following the release of weak quarterly earnings from the likes of Gap (NYSE:GPS) and Nordstrom (NYSE:JWN), illustrating the difficulties these stores are having due to the disruptions of their supply chains.

Gap stock is over 18% lower in premarket trading after the clothing chain cut its full-year forecast, expecting a hit to revenue of up to $650 million following factory closures in Vietnam, a region that accounts for 30% of the company’s production.

Similarly, Nordstrom stock fell 26% premarket after warning of product shortages at its stores heading into the holiday season, adding that rising labor costs had cut into its quarterly profit.

On the flip side, HP (NYSE:HPQ) stock was seen trading significantly higher after the computer hardware company’s quarterly sales and earnings easily exceeded market expectations.

Elsewhere, CVS Health (NYSE:CVS), Walmart (NYSE:WMT) and Walgreens (NASDAQ:WBA) will be in the spotlight Wednesday after a federal jury in Cleveland, Ohio, ruled that their pharmacies were complicit in the opioid epidemic.

The main indices differed in performance on Tuesday, with the rising Treasury yields lifting bank stocks but hurting tech and other high-growth companies. 

The blue chip Dow Jones Industrial Average closed almost 200 points, or 0.6%, higher, and the broad-based S&P 500 gained 0.2%. The tech-heavy Nasdaq Composite, however, lost 0.5%.

There is a flood of economic data releases to wade through later Wednesday, ahead of Thursday’s Thanksgiving holiday, including the Fed’s favorite gauge of inflation, the core PCE index for October, another reading of the third-quarter GDP and the latest durable goods number.

Of particular interest will be the minutes of the November Fed meeting, with investors searching for clues of the future pace of tapering, and consequently the timetable for interest rate increases. 

Crude prices edged higher Wednesday, continuing the previous session’s hefty gains after the announcement of a coordinated release of oil from government reserves underwhelmed.

The U.S. said it will release 50 million barrels, in concert with China, Japan, India, South Korea and the U.K. in an effort to tame prices, but influential investment bank Goldman Sachs estimated that the market had already priced in more than 100 million barrels.

The Energy Information Administration will release the latest official reading of U.S. crude stocks later in the session, after the American Petroleum Institute, an industry body, said Tuesday that inventories climbed 2.3 million barrels last week.

By 7:20 AM ET, U.S. crude futures traded 0.1% higher at $78.56 a barrel, after climbing 2.3% on Tuesday, their biggest gain in two weeks, while the Brent contract inched 0.2% lower to $82.19, having gained 3.3% on Tuesday. 

Additionally, gold futures rose 0.2% to $1,787.40/oz, while EUR/USD traded 0.3% lower at 1.1216.

 

Dow Jones Futures Fall 115 Pts; Retail Stocks Head Lower
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
IceIce Baby
IceIceBaby Nov 24, 2021 8:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
In home office all you need is comfortable sweetpants. :)
Tyrone Jackson
Tyrone Jackson Nov 24, 2021 7:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Everyone of the retail stocks mentioned above also is being hit by mob smach and grab gangs Just google it. Walgreens- Nordstrom- cvs- Violent brazen gangs just taking goods off the shelves- You can’t turn a profit when your store is wiped out of 80- 100k of products in 10 minutes. It’s just beginning folks- BIDEN’s America- Guess the color of the thief’s?
Benjamin McIntire
Benjamin McIntire Nov 24, 2021 7:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Triggered much?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email