Close Menu
  • Homepage
  • Local News
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
  • Business
  • Technology
  • Health
  • Lifestyle
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
Facebook X (Twitter) Instagram Pinterest
JHB NewsJHB News
  • Local
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
Let’s Fight Corruption
JHB NewsJHB News
Home»Finance»Wall Street closes lower after Home Depot outlook, US retail sales
Finance

Wall Street closes lower after Home Depot outlook, US retail sales

May 17, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email
  • Residence Depot drops after minimize in annual gross sales forecast
  • Capital One up as Berkshire Hathaway reveals stake
  • Horizon, Amgen fall after FTC sues to dam deal
  • Dow down 1.01%, S&P 500 down 0.64%, Nasdaq down 0.18%

Might 16 (Reuters) – U.S. inventory indexes closed decrease on Tuesday after a disappointing forecast from Residence Depot and U.S. retail gross sales information for April pointed to softer shopper spending, whereas uncertainty about rates of interest and debt restrict negotiations weighed on sentiment.

Residence Depot (HD.N) declined 2.15% as one of many greatest drag on each the Dow Industrials and S&P 500 after the house enchancment retailer minimize its annual gross sales forecast and projected a steeper-than-expected decline in revenue. Shares of peer Lowe’s Firms Inc (LOW.N) fell 1.16%.

“You may argue that persons are uninterested in spending on the home, they need experiences, they need to exit they need to do different issues, they don’t need to repair up the home in line with Residence Depot, as a result of that they had horrendous earnings,” stated Ken Polcari, managing accomplice at Kace Capital Advisors in Boca Raton, Florida.

The Commerce Division reported retail gross sales rose 0.4% in April, in need of the estimate for a rise of 0.8%. However core retail gross sales rebounded, a determine excluding vehicles, gasoline, constructing supplies and meals companies.

Retail gross sales

“There’s a sense that persons are beginning to get a little bit bit extra delicate to the Fed being profitable and this ongoing drama of the debt ceiling is inflicting angst.”

The Dow Jones Industrial Common (.DJI) fell 336.46 factors, or 1.01%, to 33,012.14, the S&P 500 (.SPX) misplaced 26.38 factors, or 0.64%, to 4,109.9 and the Nasdaq Composite (.IXIC) dipped 22.16 factors, or 0.18%, to 12,343.05.

Latest information has indicated slowing within the U.S. economic system following a string of price hikes by the Federal Reserve to battle excessive inflation. That slowing together with latest negotiations over the U.S. debt ceiling has targeted consideration on when the central financial institution will pause mountaineering, or minimize rates of interest.

Whereas the market is presently pricing in a price minimize by the tip of the yr, latest feedback from Fed officers recommended they aren’t prepared to chop charges quickly.

Merchants work on the ground of the New York Inventory Alternate (NYSE) in New York Metropolis, U.S., November 15, 2022. REUTERS/Brendan McDermid

Richmond Fed President Thomas Barkin stated he was “snug” with elevating rates of interest additional if wanted, however preferred the “optionality” implied within the newest coverage assertion.

Cleveland Fed President Loretta Mester stated she doesn’t suppose the central financial institution can maintain rates of interest regular but.

Lawmakers held a brand new spherical of talks about elevating the debt ceiling. The Treasury Division has warned it may run out of cash as quickly as June 1 and not using a deal, which might set off a default and certain trigger a pointy financial droop.

Horizon Therapeutics (HZNP.O) tumbled 14.17% because the Federal Commerce Fee stated it will file a lawsuit to dam Amgen Inc’s (AMGN.O) $27.8 billion deal to purchase the corporate. Shares of Amgen fell 2.42%.

The decline in each shares weighed on the Nasdaq Biotech Index (.NBI), which closed at a three-week low after dropping 2.44%, its greatest one-day share decline in three months.

Shares of Capital One Monetary Corp (COF.N) climbed 2.05% the day after Berkshire Hathaway Inc (BRKa.N) disclosed it had taken a stake of practically $1 billion within the inventory.

Declining points outnumbered advancing ones on the NYSE by a 4.05-to-1 ratio; on Nasdaq, a 2.28-to-1 ratio favored decliners.

The S&P 500 posted 12 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 47 new highs and 188 new lows.

Quantity on U.S. exchanges was 9.36 billion shares, in contrast with the ten.58 billion common for the complete session during the last 20 buying and selling days.

(This story has been corrected to say ‘a price minimize,’ as an alternative of ‘a price hike,’ in paragraph 8)

Reporting by Shreyashi Sanyal in Bengaluru; Modifying by Maju Samuel

: .

Source link

closes Depot Home Outlook retail sales Street Wall
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Mortgage rates spend another week stuck near 7%

May 31, 2025

Here’s Why AppLovin (APP) Fell in Q1

May 31, 2025

This is why Jamie Dimon is so gloomy on the economy

May 30, 2025

GATX, Brookfield Infrastructure to buy Wells Fargo’s rail assets for $4.4bn

May 30, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

Mortgage rates spend another week stuck near 7%

May 31, 2025

Madhya Pradesh orders crackdown on duplicate PM Kisan beneficiaries | India News

May 31, 2025

Revealed: The reason men often struggle to locate things that are right in front of them | Lifestyle News

May 31, 2025

Jasprit Bumrah’s moment of magic uproots Gujarat Titans as Rohit Sharma props Mumbai Indians to ensure 20 runs win | Ipl News

May 31, 2025
Popular Post

How IBM’s new supercomputer is making AI foundation models more enterprise-budget friendly

Pilot keeps hunger strike focus on BJP, Gehlot mentions minimal

Dive team recovers 2 bodies from Greeley pond in possible double drowning incident

Subscribe to Updates

Get the latest news from JHB News about Bangalore, Worlds, Entertainment and more.

JHB News
Facebook X (Twitter) Instagram Pinterest
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
© 2025 Jhb.news - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.