- The S&P 500 lost 0.2% on Tuesday, November 21, 2023, after several retailers warned that consumers are spending less.
- Lowe’s revenue missed estimates and the home improvement retailer lowered its outlook as customers scaled back their DIY projects.
- Tesla shares advanced as the electric vehicle maker began shipping its Cybertruck to dealers.
The S&P 500’s five-day rally failed, with the index falling 0.2%, after several retailers expressed concern about consumer spending ahead of the holiday shopping season.
In addition, the minutes of the last Federal Reserve meeting showed that authorities believe that monetary policy must remain restrictive to reduce inflation.
Shares of Lowe’s (LOW) fell 3.1% after the home improvement retailer lowered its guidance, pointing to a drop in sales of DIY projects, especially big-ticket items.
Best Buy (BBY) also cut its forecast and shares fell 0.7%. The electronics retailer said customer demand was “uneven” and difficult to predict.
Shares of Jacobs Solutions (J) sank 8.7% as the professional services provider announced a deal with government and business services contractor Amentum. The deal will see Jacobs Solutions spin off its government services businesses Critical Missions Solutions and Cyber & Intelligence and then merge them with Amentum into a separate, publicly traded company.
NRG Energy (NRG) shares sank for the second day in a row, losing 4.4%, following the ouster of CEO Mauricio Gutierrez and a board shakeup prompted by pressure from activist investor Elliot Investment Management.
Shares of Newmont Corporation (NEM) gained 2.4% as gold futures crossed the $2,000 per ounce mark. Shares of mining rival Freeport-McMoran (FCX) rose 1%.
Agilent Technologies (A) shares soared 8.7% after the scientific equipment maker posted better-than-expected results as two of its three divisions posted higher revenues. The gains came despite the company saying it was a “challenging year for the industry.”
Tesla (TSLA) stock rose 2.4% as the electric vehicle maker began delivering its long-awaited Cybertruck to dealer showrooms.