The markets struggled to gain traction today as retail numbers indicated that consumers had slowed their credit card spending. This caused the Dow 30 to lose 39, the S&P 500 to lose 1, and the Nasdaq 100 to gain 4. Next week investors will focus on the FOMC minutes for further guidance surrounding interest rates.
Names in the news today:
Nordstrom (NYSE: JWN) rocketed up 8.07% today as the high-end department store chain delivered a beat on earnings in second quarter. Investors didn't mind that the revenue was a bit shy of analysts' estimates because the company was upbeat about earnings for the rest of the year. This caused shares to move back into positive territory for the year.
J.C. Penney (NYSE: JCP) also enjoyed a healthy gain today (6.04%) as the company announced a narrower than expected loss for the second quarter. In JC Penny's case though, revenue came in roughly in line with forecasts. Revenue rose a little more than 1% from a year ago as the company stated that "demand for home goods, footwear and Sephora beauty products helped lure customers back to its stores."
Dillard's (NYSE: DDS) did not enjoy such a large gain, though shares did finish up 3.40%. Investors noticed that the quarterly results, even though the retailer posted earnings and revenue that topped expectations were not impressive. The reason? Well, profit fell by more than 50% from a year ago, and sales fell by nearly 4% as fewer shoppers visited its stores.
Lastly, Nvidia (NASDAQ: NVDA) popped to yet another 52-week high today (5.59%) as the chip maker raised it revenue outlook for the year. The company announced second-quarter results that far exceeded past estimates. Also, sales surged 24% from a year ago driven by strong demand for the company's processors used in video games and in data centers.