Wall Street turned modestly lower early today, according to the Associated Press, with mixed results this week from some of the nation’s biggest retailers and a meeting between U.S. President Joe Biden and Chinese leader Xi Jinping intended to lower tensions between the world’s two largest economies. Futures for the Dow Jones industrials and S&P 500 each lost 0.2% before the bell.
Walmart shares tumbled more than 7% despite better-than-expected quarterly sales and profits after the world’s biggest retailer issued muted guidance for the year.
Macy’s posted third-quarter sales and profit that topped Wall Street expectations, and the department store also raised the top end of its full-year revenue and adjusted profit forecasts, sending shares up nearly 10% before the bell.
Retailers have had mixed results so far this quarter, with some companies beating Wall Street forecasts even with sales slowing as expected as consumers continue to be squeezed by inflation and elevated interest rates.
Treasury yields continued to yo-yo, easing early today and potentially giving markets some room to breathe. The yield on the 10-year Treasury ticked down to 4.5 from 4.53% late Wednesday. The yield on the two-year also came down slightly, to 4.89% early Thursday from 4.91% late Wednesday.
In other trading, U.S. benchmark crude oil gave up 63 cents to $76.16 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, declined 60 cents to $80.58 per barrel.
The U.S. dollar fell to 151.28 Japanese yen from 151.38 yen.
