U.S. Stocks Open Lower on Wednesday; Dick's Sporting Goods Plunges 10%

Tiger Newspress2022-05-25

U.S. stocks fell Wednesday as traders awaited the Federal Reserve’s release of its policy meeting from earlier this month.

The Dow Jones Industrial Average fell 112 points, or 0.3%. S&P 500 futures fell for a second day and were down 0.3%. The Nasdaq Composite lost 4%, after posting a steep loss in the previous session.

Dick’s Sporting Goods shares tumbled more than 10%, despite topping earnings and revenue estimates for its fiscal first quarter, after the retailercut its outlook for the yearamid rising inflation and ongoing supply chain challenges. Retailers have been on an earnings spree since last week that has held the attention of investors anxious to see how companies are managing sky-high inflation.

Best Buy slid more than 3% after Barclays downgraded the shares, following a mixed earnings report Tuesday in which the electronics retailer cut its yearly outlook.

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