Shares fall into Nordstrom, Gap Sync, Durable Goods Dip

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US equity futures are trading lower because the financial reports rolled in and investors digested disappointing retail earnings.

The Dow Jones Industrial Average Futures fell 165 points, or 0.46%, while the S&P 500 and Nasdaq Futures fell 0.4% and 0.6%, respectively. It was after a mixed session on Tuesday.

Ticker Security The last one Change %
I: DJI The Dow Jones average 35813.8 +194.55 + 0.55%
SP500 The S&P 500 4690.7 +7.76 + 0.17%
I: COMP Nasdaq Composite Index 15775.138332 -79.62 -0.50%

Oil has hit $ 78 per barrel after gaining more than 2% on Tuesday, despite President Biden’s order to release 50 million barrels of oil from the nation’s strategic reserve to reduce fuel costs. The move was made with other large oil-consuming countries, including Japan.

The second estimate of 3Q GDP came in at 2.1%, slightly ahead of the previous 2.0% check, but below the 6.6% growth rate in the second quarter.

The Labor Department reported new claims for a total of 199,000 unemployment benefits the previous week, up from 268,000 the previous week. Continuous claims to track the total number of unemployed workers collecting benefits are expected to slip to 2.049 million.

Durable goods fell 0.5% as orders of the big ticket items further weakened after a 0.3% drop in the previous reading.

Other reports that followed included income and spending, new home sales and reading consumer sentiment at the University of Michigan.

The Fed will release minutes from its October policy meeting, giving investors more details on the central bank’s plan to begin trimming bond purchases, which helped lower interest rates.

In stocks, both Nordstrom and Gap experienced sharp fall in early trading after reporting disappointing quarterly results due to supply chain issues.

The high-end department store chain reported $ 0.39 earnings per share for the quarter, lower than analysts forecast at $ 0.57, although it has reiterated its full-year forecast.

Ticker Security The last one Change %
JWN NORDSTROM, INC. 31.93 -0.39 -1.21%
GPS GAP, INC. 23.51 -0.43 -1.80%

Gap has lowered its full-year forecast.

In Europe, London’s FTSE fell 0.1%, Germany’s DAX fell 0.8% and France’s CAC fell 0.5%.

In Asia, Japan’s Nikkei 225 fell 1.6% after Tuesday’s national holiday. Hong Kong’s Hang Seng rose 0.1% and China’s Shanghai Composite rose 0.1%.

LOVEBYLIFE Business’s Ken Martin and the Associated Press contributed to this report.

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