investboy
2022-08-17

U.S. stock index futures fell on Wednesday after weak results from retailer Target rekindled fears about the health of U.S. consumers, while growth stocks came under renewed pressure as bond yields climbed.

Market Snapshot

At 07:51 a.m. ET, Dow e-minis were down 212 points, or 0.62%, S&P 500 e-minis were down 35.75 points, or 0.83%, and Nasdaq 100 e-minis were down 133.5 points, or 0.98%.

Pre-Market Movers

Lowe’s(LOW) – Lowe’s rose 1% in the premarket after it reported quarterly earnings of $4.67 per share, 9 cents above estimates. The home improvement retailer saw both revenue and comparable store sales come in below analyst forecasts but predicted full-year earnings would come in at the top end of its guidance range.

Target(TGT) – Target fell 3.3% in premarket trading after the retailer reported quarterly earnings of 39 cents per share, well short of the 72-cent consensus estimate. Target’s revenue matched estimates, but it cut prices significantly during the quarter to reduce excess inventory. Target said the 1.2% operating margin rate during the second quarter would improve to about 6% in the back half of the year.

TJX(TJX) – The parent of the T.J. Maxx and Marshalls retail chains beat estimates by 3 cents with a quarterly profit of 69 cents per share, but revenue and comparable store sales came in less than expected. TJX cut its full-year forecast as well, saying inflation impacted the spending habits of its customers, and the stock fell 1.2% in the premarket.

Krispy Kreme(DNUT) – Krispy Kreme tumbled 14.7% in premarket action after the doughnut chain reported lower-than-expected profit and revenue for the second quarter. Krispy Kreme said it is seeing significant deceleration in commodity costs in recent weeks.

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