On Thursday, US equities ended lower and are on track for weekly declines. Overall, sentiment seems fragile following Thursday's selloff and recent central bank developments.
Retail stocks, including Macy's (NYSE: M) and Target (NYSE: TGT), took a hit yesterday as markets tanked following a miss in retail sales. Investors are feeling uncertain about the state of the economy and consumer spending. Some analysts attribute the poor sales to the ongoing pandemic and its impact on the retail industry. This comes on the heels of a report showing an increase in weekly jobless claims, which may also be contributing to the negative market reaction.
Meanwhile, Lennar (NYSE: LEN), a homebuilder, saw a 3.8% increase in stock after its quarterly revenue exceeded expectations. There's been a lot of talk about TikTok in Congress lately, with lawmakers looking into the national security risks posed by the app. In related news, the Biden administration has announced a crackdown on Chinese AI chip maker YMTC as part of its latest blacklisting efforts.
Dig a little deeper into the market update:
Small Businesses Experience Mixed Results During Holiday Season as Inflation Impacts Sales
Georgia And New Hampshire Banned Tiktok And Popular Messaging Apps
Lennar features in this week’s earnings preview. Accenture Plc (NYSE: ACN), Winnebago Industries (NYSE: WGO), and Darden Restaurants (NYSE: DRI) report earnings today.
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