Wall Street pointed modestly lower today as more retailers post results from the holiday season, according to the Associated Press. Futures for the S&P 500 slipped 0.3%, and futures for the Dow Jones Industrial Average fell 0.2%.
Momentum has slowed for U.S. stocks after hitting record highs as inflation appears to be cooling, cuts to interest rates may be coming, and the U.S. economy has so far shrugged off predictions for a recession.
Though earnings season is close to wrapping up, several big retailers will report their latest quarterly results this week, which could give analysts a clearer picture of how Americans are feeling about the economy and their personal finances.
Target reported a 58% increase in fourth-quarter profits, handily beating Wall Street expectations as the retailer cut costs and maintained a lean inventory. Shares of the Minneapolis company jumped 8.5% before the bell Tuesday.
AeroVironment, a Virginia defense contractor that specializes in drones, jumped 17.5% before the bell after it beat Wall Street’s sales forecast and nearly doubled profit targets.
In other trading early today, U.S. benchmark crude oil shed 74 cents to $78 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, fell 58 cents to $82.22 per barrel.
The U.S. dollar was unchanged at 150.53 Japanese yen.
