By Oliver Gray
Investing.com - U.S. stock futures were trading lower during Wednesday’s evening deals, after major benchmark averages finished the regular session sharply lower, with the Dow Jones Industrial Average posting its biggest loss since 2020 after retail earnings indicated rising inflation pressures weighing on corporate profits.
In extended deals, Cisco Systems Inc (NASDAQ: CSCO ) dipped 12.9% after results as the as the company forecasted a surprising decline in revenue for the current quarter. Q3 EPS came in at 87 cents versus 86 cents expected while revenue came in at $12.8 billion versus estimates of $13.34 billion.
Bath & Body Works Inc. (NYSE: BBWI ) fell 6% after reporting , as the company forecasted lower-than-expected second-quarter earnings. Q1 EPS of 64 cents versus 53 cents expected on revenues of $1.45 billion versus $1.44 billion expected.
During Wednesday’s regular trade, the Dow Jones Industrial Average shed 1,164.52 points, or 3.57%, to close at 14-month lows of 31,490.07 and posting its largest daily losses since June 2020. The S&P 500 traded 4.04% lower to 3,923.68 while the NASDAQ Composite dropped 4.73% to 11,418.15.
Among stocks, Target Corporation (NYSE: TGT ) shares tumbled 24.9% Wednesday after the retailer reported first-quarter earnings that were much lower than Wall Street estimated due to rising costs for fuel and compensation.
Major tech companies were also hit amid the sell-off with Block Inc (NYSE: SQ ) down 3.2%, Amazon.com Inc (NASDAQ: AMZN ) falling 7.2%, Microsoft Corporation (NASDAQ: MSFT ) dipping 4.8% and Apple Inc (NASDAQ: AAPL ) down 5.6%.
On the bond markets, United States 10-Year rates were at 2.884%.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Big problemLike 0