The S&P 500 and the Dow Jones Industrial Average retreated after touching record highs on Tuesday, hit by dour forecasts from retailers Home Depot and Kohl™s.
Shares of the largest U.S. home improvement chain fell 5.3% and were the top drag on the two main indexes after the company cut its 2019 sales forecast for the second time this year as its online push was not delivering as expected.
Also souring the mood was Kohl™s Corp, which slumped 17.8% as the department store operator slashed its annual profit forecast after falling short of quarterly comparable sales and earnings estimates.
Six of the 11 major S&P 500 sectors were lower, with the consumer discretionary index™s 1% drop weighing the most.
Other retail stocks also fell on the news, driving the S&P 500 retail index down 1.2%. Investors await reports from Lowe™s Cos Inc, Target Corp and Nordstrom Inc among others this week.
At 10:30 a.m. ET the Dow Jones Industrial Average was down 64.44 points, or 0.23%, at 27,971.78, the S&P 500 was down 2.46 points, or 0.08%, at 3,119.57 and the Nasdaq Composite was up 11.13 points, or 0.13%, at 8,561.07.
Source : Reuters
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