Stocks lost some ground today as the financial sector couldn't attract more bulls today. The Dow 30 lost 45, the S&P 500 lost 1, but the Nasdaq 100 was able to add 10 thanks to a few strong names. Tomorrow the big focus for traders will be the unemployment rate which is due out one hour before the markets open. This number always sparks activity in the early part of the session.
Macy's (NYSE: M) was one of the dominant headlines today as retail store reported disappointing sales for the holiday season, lowered its earnings guidance and announced 68 of the 100 stores it plans to close. According to the filing, Macy's comparable sales for November and December dropped 2.1%. They also lowered their earnings per share guidance as well disappointing the street. Shares plummeted 13.92% today on the news hitting new 6 month lows.
Kohl's (NYSE: KSS) was also in the headlines today as the company also lowered its fiscal 2016 guidance and reported a drop in comparable sales during the holiday season from one year ago. Sales during November and December fell 2.1% combined. Investors fled from the retail space and Kohls today causing the stock to lose 19% on the day, its biggest decline in years.
Chipotle (NYSE: CMG) was higher by 2.69% today as Wedbush upgraded the fast-casual restaurant chain to neutral from under perform and raised its price target by $30 to $400. Shares still remain under pressure as food quality issues persist. Investors have yet to regain confidence in the once popular food chain.
Amazon (NASDAQ: AMZN) helped the Nasdaq 100 today as it popped 3.07%. The retail giant announced plans to open its first New York City bookstore in Manhattan's Time Warner Center later this year. Amazon currently has three brick-and-mortar retail stores, located in Seattle, San Diego and Portland, Oregon.