- Best Buy sinks due to weak outlook
- Kohl’s slips on quarterly sales decline
- Indices: Dow down 0.2%, S&P 500 down 0.2%, Nasdaq down 0.6%
NEW YORK, Nov 21 (Portal) – U.S. stocks fell on Tuesday, with the S&P 500 and Nasdaq ending their five-day winning streak, as retailers declined after some disappointing forecasts and technology stocks fell.
Indexes remained lower after minutes from the Federal Reserve’s latest meeting showed officials agreed to a cautious approach to raising U.S. interest rates in the future.
Federal Reserve officials also said they would raise interest rates only if progress in controlling inflation falters, according to minutes dated Oct. 31 to Nov. 31. 1 meeting.
Stock markets have rallied in recent sessions largely on expectations that the Fed may be done raising interest rates.
“We’ve taken a big step,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
“The lack of anything to push the market further higher today is somehow leading to underwhelming price action and some slight profit-taking,” he said ahead of Nvidia’s (NVDA.O) quarterly results and guidance after the closing bell.
Shares of Nvidia, considered a leader in artificial intelligence chips, ended the regular session down 0.9%, and an index of semiconductors (.SOX) fell 1.9%.
Shares of Nvidia fell about 2% after the closing bell following the company’s quarterly report and forecast.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. Portal/Brendan McDermid/File Photo Acquire License Rights
During the regular session, shares of Lowe’s Cos (LOW.N) fell 3.1% after the home improvement chain forecast a steeper than previously expected decline in comparable annual sales and cut its profit forecast for the year.
The Dow Jones Industrial Average (.DJI) fell 62.75 points, or 0.18%, to 35,088.29, the S&P 500 (.SPX) fell 9.19 points, or 0.20%, to 4,538.19 and the Nasdaq Composite (.IXIC) fell 84.55 points, or 0.59%, to 14,199.98.
The S&P 500 retail index (.SPXRT) was down 1.2% on the day.
Best Buy (BBY.N) shares fell 0.7% after the electronics retailer said it expected a steeper decline in comparable annual sales.
Shares of Kohl’s Corp (KSS.N) fell 8.6% after the company missed third-quarter sales estimates.
Volume on U.S. exchanges was 9.40 billion shares, compared with the full-session average of 10.93 billion over the last 20 trading days.
Declining issues outnumbered advancing issues on the NYSE by a ratio of 1.76 to 1; On the Nasdaq, a ratio of 2.29 to 1 favored the decliners.
The S&P 500 posted 30 new 52-week highs and no new lows; The Nasdaq Composite recorded 56 new highs and 125 new lows.
Reporting by Caroline Valetkevitch; additional reporting by Amruta Khandekar and Shristi Achar A; Edited by Maju Samuel, Pooja Desai and David Gregorio
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