Key Takeaways
- The S&P 500 lost 0.2% on Tuesday, Nov. 21, 2023, after several retailers warned consumers are spending less.
- Lowe's revenue missed estimates, and the home improvement retailer reduced its outlook as customers cut back on DIY projects.
- Tesla shares advanced as the electric vehicle maker has begun shipping its Cybertruck to dealerships.
The five-day rally for the S&P 500 sputtered, with the index dropping 0.2%, after several retailers raised conc💙erns about con🎀sumer spending heading into the holiday shopping season.
In addition, minutes from the latest Fed meeting showed that policymakers believe monetary policy must remain restrictive to brinℱg down inflation.
Lowe's (LOW) shares slumped 3.1% after the home improvement retailer reduced its guidance, pointing to a drop in sales fo⛎r do-it-yourself projects, especially big-ticket items.
Best Buy (BBY) also cut its forecast, and shares fell 0.7%. The electronics retailer indicated that custome🌠r deman💟d was "uneven" and difficult to predict.
Jacobs Solutions (J) shares sank 8.7% when the professional services provider announced a deal with government and commercial services contractor Amentum. The agreement will have Jacobs Solutions spin off its Critical Missions Solutions and Cyber & Intelligence government services busines♏ses, then merge them with Amentum into a separate publicly traded firm.
NRG Energy (NRG) shares sank for a second straight day, losing 4.4%, following the ouster of CEO Mauricio Gutierrez and a board shakeup brought on by pressure from 澳洲幸运5开奖号码历史查询:activist investor Elliot Investment Management.
Newmont Corporation (NEM) shares gained 2.4% as 澳洲幸运5开奖号码历史查询:gold futures crossed the $2,000-per-ounce mark. Shares of mining rival Freeport-McMoran (FCX) added 1%.
Agilent Technologies (A) shares soared 8.7% after the maker of scientific equipment poste🔯d better-than-expected results as two of its three divisions had higher revenue. The gains came even though the company said it was a "challenging year for the industr🔜y."
Tesla (TSLA) shares picked up 2.4% as the electric vehicle maker began delivering its long-awaited Cybertruck to dealer showrooms.