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2022-05-18

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Dow Drops 300 Points, Its First Decline in 4 Days As Companies Warn of Rising Costs

U.S. stock futures fell on Wednesday morning after another major retailer warned of rising cost pressures, confirming the fears over inflation that have sent major benchmarks to big losses so far this

Dow Drops 300 Points, Its First Decline in 4 Days As Companies Warn of Rising Costs

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S&amp;P 500 futures traded 1.2% lower, while Nasdaq 100 futures slipped 1.5%.</p><p>Those losses come after a disappointing earnings report from Target. Shares tumbled more than 24% in premarket trading Wednesday after Targetreported first-quarter earnings that were much lower than Wall Street estimatedbecause of higher costs for fuel and compensation. The retailer also saw lower-than-expected sales for discretionary merchandise like TVs.</p><p>Target’s report comes right after Walmart on Tuesday posted earnings that fell short of expectations as it toocited higher fuel and labor costs. Walmart shares ended Tuesday lower by 11%. They were down another 2% in premarket trading Wednesday.</p><p>“Any company that relies on households and discretionary purchases will likely suffer this quarter because a lot of discretionary income has been funneled to food and energy prices,” said Jack Ablin, founding partner of Cresset Capital.</p><p>Other retailers took a hit on the back of Target’s quarterly earnings miss, with the SPDR S&amp;P Retail ETF slipping more than 4% in Wednesday premarket trading. Best Buy’s stock price dropped more than 6% in premarket trading, Dollar General’s fell more than 6% in premarket trading and Dollar Tree’s declined more than 5% in premarket trading.</p><p>Lowe’s shares fell more than 2% in premarket trading aftermissing sales expectations in its first quarter reportas shoppers bought fewer supplies for outdoor projects.</p><p>More notable decliners in retail included shares of Macy’s, which dropped 7% in premarket trading, and shares of Kohl’s, which fell more than 5% in premarket trading.</p><p>Wednesday’s market reversal comes after shares had been mounting a comeback off the year’s lows. OnTuesday, the Dow rose 431 points, or 1.3%, while the S&amp;P 500 gained 2% and the Nasdaq Composite climbed nearly 2.8%.</p><p>The Dow has declined for seven straight weeks, but stocks have stabilized over the last three trading sessions. Last week, the S&amp;P 500 fell to the brink of a bear market — or 20% below its record high — but the index has now gained 4% since Thursday’s close.</p><p>Despite the recent comeback, the S&amp;P 500 is down 14% for the year, while the Nasdaq Composite is off by 23%.</p><p>Gas prices have steadily marched higher, contributing to inflationary pressures seen across the economy. The national average for a gallon of regular gasoline hit a record $4.567 on Wednesday, according to AAA. Prices are 48 cents more than a month ago, and $1.52 more than what consumers paid last year.</p><p>Every single state is now averaging above $4 per gallon, with some states paying much more. In California, the statewide average has crossed $6.</p><p>The yield on the benchmark 10-year Treasury note topped 3% on Wednesday morning as investors weighed the prospects of tighter monetary policy.</p><p>Stocks and other risk assets have been pressured by inflation and the Federal Reserve’s attempt to tamp down price increases through rate hikes, which has led to concerns about a potential recession. Fed Chair Jerome Powell said at a Wall Street Journal conference on Tuesday that “there won’t be any hesitation” about raising rates until inflation is under control.</p><p>However, some recent economic data, including the jobs report andretail sales datafrom April, still show the U.S. economy growing.</p><p>“There’s a big difference between corrections in the equity markets and outright bear markets,” said Matt Stucky, a senior portfolio manager at Northwestern Mutual Wealth Management. “The difference being bear markets are almost always sort of associated with some kind of recessionary macroeconomic environment, or at least an inevitable one in the forecast horizon over the next six-to-12 months. For us, as we sit here today, we just don’t see that.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow Drops 300 Points, Its First Decline in 4 Days As Companies Warn of Rising Costs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow Drops 300 Points, Its First Decline in 4 Days As Companies Warn of Rising Costs\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-05-18 21:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. stock futures fell on Wednesday morning after another major retailer warned of rising cost pressures, confirming the fears over inflation that have sent major benchmarks to big losses so far this year.</p><p>Futures for the Dow Jones Industrial Average shed 281 points, or 0.9%, with the average set for its first loss in four days. S&amp;P 500 futures traded 1.2% lower, while Nasdaq 100 futures slipped 1.5%.</p><p>Those losses come after a disappointing earnings report from Target. Shares tumbled more than 24% in premarket trading Wednesday after Targetreported first-quarter earnings that were much lower than Wall Street estimatedbecause of higher costs for fuel and compensation. The retailer also saw lower-than-expected sales for discretionary merchandise like TVs.</p><p>Target’s report comes right after Walmart on Tuesday posted earnings that fell short of expectations as it toocited higher fuel and labor costs. Walmart shares ended Tuesday lower by 11%. They were down another 2% in premarket trading Wednesday.</p><p>“Any company that relies on households and discretionary purchases will likely suffer this quarter because a lot of discretionary income has been funneled to food and energy prices,” said Jack Ablin, founding partner of Cresset Capital.</p><p>Other retailers took a hit on the back of Target’s quarterly earnings miss, with the SPDR S&amp;P Retail ETF slipping more than 4% in Wednesday premarket trading. Best Buy’s stock price dropped more than 6% in premarket trading, Dollar General’s fell more than 6% in premarket trading and Dollar Tree’s declined more than 5% in premarket trading.</p><p>Lowe’s shares fell more than 2% in premarket trading aftermissing sales expectations in its first quarter reportas shoppers bought fewer supplies for outdoor projects.</p><p>More notable decliners in retail included shares of Macy’s, which dropped 7% in premarket trading, and shares of Kohl’s, which fell more than 5% in premarket trading.</p><p>Wednesday’s market reversal comes after shares had been mounting a comeback off the year’s lows. OnTuesday, the Dow rose 431 points, or 1.3%, while the S&amp;P 500 gained 2% and the Nasdaq Composite climbed nearly 2.8%.</p><p>The Dow has declined for seven straight weeks, but stocks have stabilized over the last three trading sessions. Last week, the S&amp;P 500 fell to the brink of a bear market — or 20% below its record high — but the index has now gained 4% since Thursday’s close.</p><p>Despite the recent comeback, the S&amp;P 500 is down 14% for the year, while the Nasdaq Composite is off by 23%.</p><p>Gas prices have steadily marched higher, contributing to inflationary pressures seen across the economy. The national average for a gallon of regular gasoline hit a record $4.567 on Wednesday, according to AAA. Prices are 48 cents more than a month ago, and $1.52 more than what consumers paid last year.</p><p>Every single state is now averaging above $4 per gallon, with some states paying much more. In California, the statewide average has crossed $6.</p><p>The yield on the benchmark 10-year Treasury note topped 3% on Wednesday morning as investors weighed the prospects of tighter monetary policy.</p><p>Stocks and other risk assets have been pressured by inflation and the Federal Reserve’s attempt to tamp down price increases through rate hikes, which has led to concerns about a potential recession. Fed Chair Jerome Powell said at a Wall Street Journal conference on Tuesday that “there won’t be any hesitation” about raising rates until inflation is under control.</p><p>However, some recent economic data, including the jobs report andretail sales datafrom April, still show the U.S. economy growing.</p><p>“There’s a big difference between corrections in the equity markets and outright bear markets,” said Matt Stucky, a senior portfolio manager at Northwestern Mutual Wealth Management. “The difference being bear markets are almost always sort of associated with some kind of recessionary macroeconomic environment, or at least an inevitable one in the forecast horizon over the next six-to-12 months. For us, as we sit here today, we just don’t see that.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144253627","content_text":"U.S. stock futures fell on Wednesday morning after another major retailer warned of rising cost pressures, confirming the fears over inflation that have sent major benchmarks to big losses so far this year.Futures for the Dow Jones Industrial Average shed 281 points, or 0.9%, with the average set for its first loss in four days. S&P 500 futures traded 1.2% lower, while Nasdaq 100 futures slipped 1.5%.Those losses come after a disappointing earnings report from Target. Shares tumbled more than 24% in premarket trading Wednesday after Targetreported first-quarter earnings that were much lower than Wall Street estimatedbecause of higher costs for fuel and compensation. The retailer also saw lower-than-expected sales for discretionary merchandise like TVs.Target’s report comes right after Walmart on Tuesday posted earnings that fell short of expectations as it toocited higher fuel and labor costs. Walmart shares ended Tuesday lower by 11%. They were down another 2% in premarket trading Wednesday.“Any company that relies on households and discretionary purchases will likely suffer this quarter because a lot of discretionary income has been funneled to food and energy prices,” said Jack Ablin, founding partner of Cresset Capital.Other retailers took a hit on the back of Target’s quarterly earnings miss, with the SPDR S&P Retail ETF slipping more than 4% in Wednesday premarket trading. Best Buy’s stock price dropped more than 6% in premarket trading, Dollar General’s fell more than 6% in premarket trading and Dollar Tree’s declined more than 5% in premarket trading.Lowe’s shares fell more than 2% in premarket trading aftermissing sales expectations in its first quarter reportas shoppers bought fewer supplies for outdoor projects.More notable decliners in retail included shares of Macy’s, which dropped 7% in premarket trading, and shares of Kohl’s, which fell more than 5% in premarket trading.Wednesday’s market reversal comes after shares had been mounting a comeback off the year’s lows. OnTuesday, the Dow rose 431 points, or 1.3%, while the S&P 500 gained 2% and the Nasdaq Composite climbed nearly 2.8%.The Dow has declined for seven straight weeks, but stocks have stabilized over the last three trading sessions. Last week, the S&P 500 fell to the brink of a bear market — or 20% below its record high — but the index has now gained 4% since Thursday’s close.Despite the recent comeback, the S&P 500 is down 14% for the year, while the Nasdaq Composite is off by 23%.Gas prices have steadily marched higher, contributing to inflationary pressures seen across the economy. The national average for a gallon of regular gasoline hit a record $4.567 on Wednesday, according to AAA. Prices are 48 cents more than a month ago, and $1.52 more than what consumers paid last year.Every single state is now averaging above $4 per gallon, with some states paying much more. In California, the statewide average has crossed $6.The yield on the benchmark 10-year Treasury note topped 3% on Wednesday morning as investors weighed the prospects of tighter monetary policy.Stocks and other risk assets have been pressured by inflation and the Federal Reserve’s attempt to tamp down price increases through rate hikes, which has led to concerns about a potential recession. Fed Chair Jerome Powell said at a Wall Street Journal conference on Tuesday that “there won’t be any hesitation” about raising rates until inflation is under control.However, some recent economic data, including the jobs report andretail sales datafrom April, still show the U.S. economy growing.“There’s a big difference between corrections in the equity markets and outright bear markets,” said Matt Stucky, a senior portfolio manager at Northwestern Mutual Wealth Management. “The difference being bear markets are almost always sort of associated with some kind of recessionary macroeconomic environment, or at least an inevitable one in the forecast horizon over the next six-to-12 months. For us, as we sit here today, we just don’t see that.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":464,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}