U.S. stocks are turning in a mixed performance in early afternoon trades on Tuesday with investors largely making cautious moves as they look ahead to the release of the minutes of the Federal Reserve’s April monetary policy meeting for clues about monetary tightening.
Activity is mostly stock specific with earnings reports and other corporate news providing some direction.
Technology stocks are finding support and the tech-laden Nasdaq is up 63.96 points or 0.48 percent at 13,443.00. The Dow is sliding 98.24 or 0.29 percent at 34,229.55, while the S&P 500 is down 4.40 points or 0.1 percent at 4,158.89.
Shares of Walmart Inc. (WMT) are gaining 2.5 percent after the retail giant’s adjusted earnings per share and quarterly revenues topped analysts’ expectations and the company raised its guidance for the second quarter and for the full-year 2022. The company reported a 31.6 percent drop in profit for the first quarter.
Macy’s Inc. (M) shares are down slightly. The company reported that its net income for the first-quarter was $103 million or $0.32 per share compared to a net loss of $3.58 billion or $11.53 per share in the prior year. Macy’s has raised its fiscal-year 2021 guidance, due to improved macroeconomic trends and strength of Polaris strategy execution.
Home Depot (HD) shares are slightly weak despite reporting higher earnings in the latest quarter. The company said it posted a profit of $3.86 per share in the first quarter, as against forecasts for earnings of $3.08 a share.
On the economic front, data from the Commerce Department showed building permits in the U.S. rose by 0.3% to 1.76 million in April, from the previous month’s 1.755 million. Economists had expected building permits to rise to 1.77 million in April.
Meanwhile, on the Covid-19 front, President Joe Biden announced that for the first time since the coronavirus pandemic began in the United States, positive cases are down in all 50 states.
Speaking at a news conference on his administration’s COVID-19 Response and the Vaccination Program, Biden said he can’t promise that things will continue this way, and warned that states with low vaccination rates may see this progress reversed.
Citing vital national Covid statistics, the President said, “Every day, the light at the end of that tunnel is growing brighter.”
Source: Read Full Article