Dick’s Sporting Goods shares sank by more than 14% Wednesday morning after the retailer became one of the latest to lower its full-year earnings and sales guidance as economic uncertainty resurged. “So far, we see no evidence of any hit — housing excepted — but we also can’t rule out the idea higher rates are directly causing some capex to be deferred, even though firms are sitting on huge piles of cash accumulated during the pandemic.” Orders for durable goods, or manufactured SBUX stock price products intended to last at least three years, rose by 0.3% in April compared to March, the Commerce Department said Wednesday. This came in below the 0.6% rate consensus economists were expecting, according to Bloomberg data. In March, durable goods orders rose by 0.6%, with this rate revised down from the 1.1% previously reported. The Fed left room for further policy decisions to be informed by incoming data on the economy, which has recently softened.
Separately, MBA mortgage applications dipped 1.2% in the week ending May 20 after declining 11% in the prior period. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. Consider This Beginner Basket of 4 Top Stocks Daniel Foelber
There’s a lot of uncertainty right now because of interest rate hikes, increasing real estate prices, and everyday commodities getting more expensive because of inflation — and the market reflects that on a day-to-day basis. The S&P 500 and Nasdaq are down for the seventh week in a row, and the Dow is down for eight. This all arrives on the heels of disappointing earnings from major retailers like Target and Walmart, which suggests companies and consumers are starting to feel the effects of inflation. The Fidelity Screeners are research tools provided to help self-directed investors evaluate securities. The criteria and inputs entered are at the sole discretion of the user, and all screens or strategies with preselected criteria are solely for the convenience of the user.
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- “Once you start to see leverage start going back up, cash coming in from the sidelines, that to me would be an indication that there is at least a little bit more certainty in the outlook for a lot of these people on the sidelines to come back in.”
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- The Fidelity Screeners are research tools provided to help self-directed investors evaluate securities.