Stock Market's Slide Worsens As Retail Sector Gets Hit; Target (TGT) Is Latest Victim - Grizler
The stock market crashed early Wednesday and worsened throughout the day as weak retail prices targeted consumers who could not afford the rising cost of goods. Target (TGT) became the latest victim after the seller missed out on profit expectations.
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The volume dropped in the NYSE and Nasdaq compared to the same period on Tuesday.
Meanwhile, housing was also hampered by inflation as the cost of installation hampered housing start-ups and permits. Housing starts in April to 1.724 million, down from a revised 1.728 million in March. Building permits have dropped to 1.819 million from 1.879 million in March. Economists voted by Econoday had predicted 1.765 million startups and 1.815 million licenses.
"Homes began to decline for the second consecutive month in April amid a host of emergencies, including a further disruption of purchases, higher property costs, and the need for skilled workers," noted BMO Capital Markets economist Priscilla Thiagamoorthy.
IShares U.S. Home Construction ETF (ITB) decreased by 4.7% and remains about January 2021.
KB Home (KBH) and Builders FirstSource (BLDR) both dropped by 5%.
Stock Market Beats Profits For Traders
The retail sector fell sharply, with the S&P Retail ETF (XRT) declining 4.4%. The target is on track for its worst day since the Black Monday stock market crash in Oct. 19, 1987, when it fell 33%, according to Dow Jones Market Data.
Costco Wholesale (COST) decreased by 12% with heavy volume and resulted in an 8% sales law.
Some discount chains are also slippery. Dollar General (DG) and Big Lots (BIG) both sell more than 13% for heavy volume. Companies will announce wages on May 26 and May 27, respectively.
Dollar Tree (DLTR) has fallen by more than 20% in volume. The stock has plummeted below the 50-day moving average and is now below the 144.56 buy point of a double lower base. Reporting profits May 26.
TJX Exceeds Expected Profits, Escape Downtrend
Lowe (LOW) shares fell 6% as revenues and sales of the same store fell below analysts' expectations.
One exception to the downtrend was TJX Cos. (TJX), which exceeds profit expectations, but misses sales figures. The company also warned of a decline in sales for the current quarter. However, stock increased by 8%.
Crude oil prices fell 2.3% on Wednesday to $ 109.77 a barrel. U.S. crude oil prices fell last week, falling from 3.4 million barrels to 420.8 million barrels, according to government data. Analysts surveyed by the Wall Street Journal had predicted that the value of raw materials would increase by 1.4 million barrels.
Car dealer AutoNation (AN), manufacturer Vista Outdoor (VSTO) and supplier of light and gas appliances Murphy USA (MUSA) led the fall in the index.
Looking ahead, Cisco Systems' (Product) product order growth is likely to slow, say analysts, as revenue from a third of CSCO's stock reported late Wednesday. The computerized communications giant reported a commodity growth rate of more than 30% in three straight quarters. In the January quarter, product orders exceeded 33%.
"We do not anticipate orders, but expect to decline from 30% -plus in the last three quarters," Raymond James analyst Simon Leopold said in a recent statement to customers.
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