(As of 7:25 am PST)
Stocks are skidding in early action with retailers
leading the retreat. Disappointing
earnings announcements from several retailers are sending the sector lower this
morning. Shares of Staples are down
nearly 10%, while shares are Dick’s Sporting Goods are getting clobbered, down
15% on the day, after reporting an earnings miss. Urban Outfitters, TJ Maxx and Ross Stores are
also notably lower on the day. With a lack of economic data to report today,
investors will be focused on speeches from Philadelphia Fed President Charles
Plosser and New York Fed President William Dudley later this morning. Meanwhile, markets abroad are keeping in step
with Wall St. European markets are in
the red, while Asian markets finished the trading day higher after yesterday’s
gains in the US. Gold is flat today,
while oil is lower and interest rates are down. It looks like profit taking is the order of
the day, especially in the retail sector.
We’ll keep our eye on this afternoon’s Fed speeches for any peculiar
communication on policy direction.
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