U.S. stocks are holding relatively steady Tuesday following mixed profit reports from Macy’s, Lowe’s, and other big companies, according to the Associated Press.
The S&P 500 was virtually unchanged in early trading, still near its record set last week. The Dow Jones Industrial Average was down 113 points, or 0.3%, as of 9:40 a.m. Eastern time, and the Nasdaq composite was 0.1% higher.
Nvidia was one of the heaviest weights on the market and fell 1.6% to take a tiny bit of the shine off its jaw-dropping run. Its stock is still up more than 50% so far this year after soaring nearly 240% last year amid Wall Street’s frenzy around artificial-intelligence technology.
Macy’s climbed 4.8% after reporting better results for the latest quarter than feared. It also announced a sweeping reorganization as it tries to kickstart growth in revenue. It will close about 150 stores and focus on opening new Bloomingdale’s and BlueMercury locations.
Zoom Video Communications also jumped after topping analysts’ forecasts for profit last quarter. It rose 4.9% to $66.19, though it’s still well below its peak above $500 during the height of the pandemic. It also announced a program to buy back up to $1.5 billion of its stock, which would send cash directly to shareholders.
Earnings reporting season is winding down for the big companies in the S&P 500, and the hope is that a remarkably solid U.S. economy will help profits grow through this year.
