Fed and Macy's Results Drag Down Wall Street on Wednesday (M)
Stocks fell on Wednesday after a slue of disappointing corporate earnings and comments that the Fed will likely begin its taper next month. James Bullard expressed his worry over current low inflation readings and said that the Fed could lose credibility if the target isn't reached. Macy's (M) tumbled 4% after cutting its yearly outlook and reporting an earnings miss. This sent other retail stores lower and was not good news for consumer spending in the US. The tech industry was one of the few that saw gains today as Apple (AAPL) extended its rally from Tuesday and Nvidia Corp. (NVDA) rose 3.8%, making it one of the best performers for the S&P.TripAdvisor (TRIP) stumbled 9% on a slow summer of sales. The dollar fell against both the euro and the Japanese yen.
Word on the Street
- Producer prices remain flat in July, little inflationary pressure in US economy.
- Poll shows that Fed is on track to begin stimulus easing next month due to modest recovery.
- Macy's (M) reports a slip in sales and Q2 profit that was below expectations.
- Chegg, an online textbook rental company, files for a $150 million IPO.
- NetApp (NTAP) announces a Q1 profit of $82 million.
- Treasury prices close higher on a wholesale price miss in the US.
- Steinway (LVB) Stock Down as Kohlberg Drops Out.
Published on Aug 14, 2013By InvestorGuide Staff