The market sold off again today as investors continue to run to cash. For the second day this week the markets found selling pressure across the board. Oil was a weak spot today as the price of Crude fell over 5% at its lows.
Analysts and the media were quick to point out that the market has now erased all of its 2018 gains as it hovers near the flat line.
Stock News
Target (NYSE: TGT) shares were lower on the day as the company reported earnings that came in below Wall Street's expectations. Revenue did beat estimates, but investors focused on same-store sales, which missed the mark by a fraction of a percent. The stock has sold off almost 10% in just the last week but still boasts a gain of about 18% on the year.
Best Buy (NYSE: BBY) was another retailer to report earnings today, which came in better than expected. Revenue was also a bright spot as it too beat estimates and the company showed sales that were better than expected. This caused the company to raise its guidance for the rest of the year, sending shares higher on the day.
Lowe's (NYSE: LOW) shares were lower on the day despite the home improvement retailer reporting earnings and revenue that were better than expected. Investors focused on samestore sales, which came in lower than expected. The company adjusted their full-year forecast for earnings just shy of Wall Street's expectations. Shares are now hovering around their 52-week low.
Kohl's (NYSE: KSS) was yet another retailer to report earnings which sent shares to their lowest point since May of this year. The company reported earnings that were better than expected, revenue that beat analyst estimates, and higher-than-hoped same-store sales. Despite all this good news, earnings misses across the sector caused investors to sell broadly.