Most US stocks fall following mixed profit reports from Target, Lowe’s
By STAN CHOE, AP Business Writer
NEW YORK (AP) — The U.S. stock market experienced a decline on Wednesday as major retailers provided mixed forecasts due to uncertainty surrounding President Donald Trump’s trade war.
The S&P 500 was down 0.2% in afternoon trading, breaking a six-day winning streak, while the Dow Jones Industrial Average fell by 0.8%. However, gains in tech stocks like Google’s parent company lifted the Nasdaq composite by 0.3%.
Stocks were also impacted by rising Treasury yields, which can lead to a decrease in investment prices. Concerns about potential tax cuts in Washington contributing to the U.S. government’s debt have also influenced market sentiment.
Target reported weaker profit and revenue for the quarter, leading to a 4.1% decline in its stock. The company also revised its profit forecast for the year.
Lowe’s saw a slight decline despite surpassing analyst expectations for profit. The home-improvement retailer maintained its sales and profit forecasts for the year.
Carter’s, a children’s apparel retailer, decreased by 9.9% after cutting its dividend and expressing concerns about potential tariff-related cost increases.
Keysight Technologies and Toll Brothers experienced stock increases after exceeding profit and revenue expectations for the quarter.
Despite the overall market decline, Alphabet and Advanced Micro Devices saw gains, while a number of companies expressed uncertainty about the impact of tariffs on future performance.
The bond market also experienced movement, with the 10-year Treasury yield rising to 4.54%. Moody’s Ratings downgraded the U.S. government’s credit rating, citing concerns about mounting debt.
Global stock markets showed mixed results, with London’s FTSE 100 rising and Tokyo’s Nikkei 225 falling due to various economic factors.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
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