Key takeaways
- US stocks lost ground at midday on Tuesday, November 21, 2023 as several retailers warned about consumer demand ahead of the key holiday shopping period.
- Best Buy and Lowe’s lowered their full-year outlooks as customers cut back on spending.
- The price of gold surpassed $2,000 an ounce, sending shares of Newmont Corporation and Freeport-McMoRan higher.
US stocks fell in midday trading as a number of retailers warned about consumer spending ahead of the key holiday shopping season. The Dow Jones, S&P 500 and Nasdaq fell.
Shares of Best Buy (BBY) fell after the electronics retailer said customer demand was “uneven” and difficult to predict as it lowered its full-year forecast. Lowe’s (LOW) also lowered its outlook as consumers abandoned DIY projects.
Shares of Jacobs Solutions (J) plunged after the professional services provider announced it would spin off its government services businesses Critical Missions Solutions and Cyber ​​& Intelligence and merge them with government and business services contractor Amentum into one company. publicly traded independent.
Shares of miners Newmont Corporation (NEM) and Freeport-McMoRan (FCX) advanced as the price of gold surpassed $2,000 an ounce.
Agilent Technologies (A) shares rose after the lab equipment maker beat earnings and sales estimates, as two of its three divisions posted higher revenue despite what CEO Mike McMullen called a “year challenging for the industry.
Tesla (TSLA) stock rose as the electric vehicle maker began delivering its Cybertruck to showrooms.
Oil futures fell. The 10-year Treasury yield fell. The US dollar rose against the euro, but fell against the pound and the yen. Most major cryptocurrencies are trading in negative territory.
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