Stock market today: Wall Street drifts lower in a rare stumble following its big rally
Wall Street’s rally ran out of momentum, and stocks drifted lower a day after hitting their highest level since the start of August
NEW YORK — Wall Street's rally ran out of momentum Tuesday, and stocks drifted lower a day after hitting their highest level since the start of August.
The S&P 500 slipped 9.19 points, or 0.2%, to 4,538.19 for just its third loss in the last 17 days. The Dow Jones Industrial Average dropped 62.75, or 0.2%, to 35,088.29, and the Nasdaq composite dipped 84.55, or 0.6%, to 14,199.98.
Retailers were mixed after several reported their earnings for the latest quarter and, more importantly, their forecasts for the upcoming holiday shopping season.
Lowe’s sank 3.1% despite reporting better profit for the latest quarter than analysts expected. Its revenue fell short of Wall Street’s estimates, and it also cut its forecasts for revenue and profit over the full year. Sales for do-it-yourself projects have been lower than expected at the home improvement retailer.
Best Buy dipped 0.7% after likewise beating analysts’ expectations for profit in the latest quarter but falling short on revenue. Its CEO, Corie Barry, said demand from customers has been “more uneven and difficult to predict.”
Best Buy cut its forecast for revenue for the full year, along with some other financial measures.
On the winning side of Wall Street was Dick’s Sporting Goods, which rose 2.2%. It delivered stronger profit and revenue for the third quarter than analysts expected, as customers both bought more at each transaction and made more total purchases. The sporting goods retailer raised its forecasts for full-year results.
Retailers are closing out what’s been a mostly better-than-hoped earnings reporting season for the summer.
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