Stock futures fell Thursday as investors responded to the newest batch of quarterly results and awaited a slew of Federal Reserve speakers.
Futures tied to the Dow Jones Industrial Average dipped 192 points, or 0.6%. S&P 500 futures slipped 0.6%, while Nasdaq 100 futures also fell 0.6%.
Retailer Bath & Body Works jumped greater than 20% after it beat revenue expectations and doubled what was anticipated for per-share earnings. Cisco was up greater than 3% after beating each earnings and revenue estimates.
The newest moves followed a down day on Wall Street, the second in three days. The S&P 500 and Nasdaq Composite fell 0.83% and 1.54%, respectively. The Dow Jones Industrial Average lost 39.09 points, or 0.12%.
Downward pressure emerged from weak guidance from Goal, which reported a decline in sales as inflation pinches shoppers heading into the vacation season. The Minneapolis-based chain ended 13% lower, while its forward guidance forged doubt on other retailers.
Goal followed better-than-expected reports earlier within the week from Home Depot, Lowe’s and Walmart, which beat expectations and said inflation was not hitting them as hard.
“There’s an adjustment process that is occurring,” by firms, said Thomas Martin, senior portfolio manager at GLOBALT Investments. “I’m not saying that is a reason to take no motion in a portfolio, but attempting to chase things normally finally ends up meaning you make a foul decision after which one other bad decision and one other bad decision.”
Investors may even watch tomorrow for weekly jobless claims, the newest reports on on October housing starts and constructing permits, and manufacturing surveys from the Philadelphia and Kansas City Federal Reserve banks.
Earnings season continues Thursday with additional retailers, including Macy’s and Kohl’s before the bell and Gap after.