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Due to Some Bad Retail Earnings, the November Rise Pauses, and Stocks Decline

Tuesday’s stock market losses were due to traders evaluating some unsatisfactory retail sales data and anticipating the release of the Federal Reserve meeting minutes.

A 0.2% decrease of 56 points was seen in the Dow Jonws Industrial Average. While the Nasdaq Composite dropped 0.6%, the S&P 500 declined 0.25%.

Following a reduction in its full-year sales projection, Lowe’s saw a 2% fall. Following a downgraded full-year projection and revenue miss, Best Buy saw a more than 6% decline. After releasing operational income guidance for the full year that was lower than anticipated, clothing retailer American Eagle saw a 15.5% decline.

The Federal Reserve’s October 31–November 1 meeting minutes will be made public at 2:00 p.m. ET.

After the central bank held its benchmark rate at 5.25%–5.50%, traders are looking to discover more about the decision-making process of policymakers and what steps they might take to reverse course moving forward. Nearly unanimous consensus is suggested by Fed funds futures pricing that the Federal Open Market Committee will maintain steady at its upcoming meeting in December.

Additionally, traders will look to Nvidia and HP’s earnings. On Monday, shares of Nvidia reached a record high.

Source (CNBC)

SourceCNBC
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