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U.S. stocks waver ahead of retail earnings week

Stock Markets Nov 14, 2022 10:36AM ET
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By Liz Moyer 

Investing.com -- U.S. stocks were mostly lower in early trading on Monday ahead of a week of earnings from major retailers, including Walmart (NYSE:WMT) and Target (NYSE:TGT), that could give investors hints about the outlook for the holiday shopping season and the remainder of the year.

At 10:34 ET (15:34 GMT), the Dow Jones Industrial Average was up 35 points or 0.1%, while the S&P 500 fell 0.1%, and the NASDAQ Composite was down 0.7%.

While last week’s inflation report for October showed consumer prices were cooling a bit, many households are still feeling the pinch from higher food and fuel prices and some have shifted their buying habits.

At the same time, major retailers have been holding promotions and early holiday sales days to clear inventory and stoke demand. China’s big e-commerce firms Alibaba Group Holdings Ltd. ADR (NYSE:BABA) and JD.com, Inc. ADR (NASDAQ:JD) held their annual Singles Day holiday last Friday, but wouldn’t release data on their biggest annual event. They would only say sales were comparable to last year.

Economic data coming this week include retail sales on Wednesday. At the same time, several officials from the Federal Reserve will make speeches, possibly shedding light on the central bank’s approach to interest rates for its next meeting in December.

After the Fed raised interest rates by 0.75 percentage point at four consecutive meetings, it could decide to raise rates by a smaller amount next month. That expectation has helped life tech stocks in recent days.

Shares of Biogen Inc. (NASDAQ:BIIB) rose 5.5% and Eli Lilly and Company (NYSE:LLY) stock rose 0.4% rose after the Swiss pharmaceutical company Roche Holding Ltd. ADR (OTC:RHHBY) said its drug to treat Alzheimer’s disease didn’t meet the goals of its study. Both Biogen and Lilly are working on their own treatments.

Oatly Group AB ADR (NASDAQ:OTLY) shares fell 19% after the dairy alternative maker reported a wider than expected loss and revenue that fell short of expectations.

Oil fell. Crude Oil WTI Futures was down 0.2%, to $88.75 a barrel, while Brent Oil Futures crude fell 0.1% to $95.90 a barrel. Gold Futures rose 0.3% to $1774.

U.S. stocks waver ahead of retail earnings week
 

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Comments (2)
Casador Del Oso
Casador Del Oso Nov 14, 2022 10:50AM ET
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Economy is strong. Consumer spending will still be strong. Unemployment is low. Inflation will be sustained at the current elevated levels.
me ish
me ish Nov 14, 2022 10:50AM ET
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that's hilarious - look at the massive layoffs that have been announced over the past month by tech companies - unemployment is about to up a lot. There is massive weakness in the economy - credit card spending is up massively and debt defaults are up massively - especially in the sub prime autoloan industry. Biden managed to keep fuel inflation reasonably low for the last quarter before the mid terms by releasing almost all the Strategic Petroleum Reserves - he now has to replenish those - and quickly due to escalating WW3 Tensions - all the while, OPEC plus are putting the screws on global energy supply - they can see recession coming so they're cutting back on production to keep energy prices high. Also the US cannot remain  a strong economy whilst the rest of the world is in deep recession - they don't live in an isolated economic bubble!!
Clay Douglass
Clay Douglass Nov 14, 2022 10:50AM ET
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shaddup ******
Clay Douglass
Clay Douglass Nov 14, 2022 10:50AM ET
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wett back*
roy asasa
roy asasa Nov 14, 2022 10:34AM ET
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Hhhh
 
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