Retail was a key theme for investors on Wednesday.
 | WED, NOV 16, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 148.79 | -1.25 | -0.83% | | INTC | 29.53 | -1.18 | -3.84% | | CSCO | 44.39 | -0.51 | -1.14% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | CCL | 9.63 | -1.53 | -13.71% | | AMZN | 97.12 | -1.82 | -1.84% | | AMD | 72.70 | -3.67 | -4.81% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMZN | 97.12 | -1.82 | -1.84% | | AMD | 72.70 | -3.67 | -4.81% | | TSLA | 186.92 | -7.50 | -3.86% | |
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Retail was a key theme in the market on Wednesday after Target and Lowe's reported different outlooks for the holiday shopping season and investors digested positive U.S. sales data. The S&P 500 was down for most of the trading session, and the Nasdaq Composite suffered a deeper loss. The Dow Jones Industrial Average wavered over the flat line, but ultimately slipped at the close. Target and Lowe's were a tale of two retailers – with the former warning of a weak holiday shopping season while the latter raised its full-year earnings forecast. Both agreed, however, that they expect to see higher shrinkage and are investing in staff. Target closed down 13%, while Lowe's gained 3%. |
The SPDR S&P Retail ETF (XRT) ended the day down by more than 3%. Bed Bath & Beyond, Macy's, Nordstrom, Kohl's and Gap were among the notable losers in retail. As investors digested corporate earnings, the Commerce Department also reported a 1.3% rise in retail spending for October, slightly more than economists forecasted, according to Dow Jones. The mixed picture allowed for some bright spots. TJX Companies rose to its all-time high level going back to 1987, closing higher by more than 5%. Shares of Home Depot and Walmart also rose slightly. |
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