Stock Market Open Flat Following The Dow Snapping A Two-Day Losing Streak
On Wednesday morning, U.S. stock market futures moved lower as investors digest more corporate earnings from top retailers like Target (NYSE: TGT) and Lowes (NYSE: LOW). Target’s second-quarter earnings came in weaker than expected. Meanwhile, Lowes reported a beat for its second-quarter earnings result. Specifically, the company reported earnings of $4.67 per share on revenue of $27.5 billion. During premarket trading on Wednesday, shares of LOW stock are up over 2% and are set to open at $217.04 per share.
Additionally, on Tuesday, the Dow posted its fifth consecutive day of gains, while the S&P 500 is looking to record its fifth straight week of positive gains. Investors continue to keep close tabs on the recent strength of the stock market, as the broad market index has increased 18% since June lows. This week, investors had another busy week of corporate earnings and economic data. With that, some of the top companies are set to report their second-quarter results in the stock market today.
On Wednesday morning companies such as; TJX Companies Inc. (NYSE: TJX), Krispy Kreme Inc. (NASDAQ: DNUT), and Analog Devices, Inc. (NASDAQ: ADI) among others. Meanwhile, companies like Cisco Systems Inc. (NASDAQ: CSCO) and Bath & Body Works Inc. (NYSE: BBWI), and others are set to report earnings after the market closes Wednesday. As of 7:46 am ET, the Dow, S&P 500, and Nasdaq futures are trading lower by 0.63%, 0.84%, and 0.95% respectively.
Target Stock Drops On Weaker-Than-Expected Second Quarter Earnings
Shares of the retailer Target (TGT), move lower by over 3% on Wednesday morning. This comes after the company reported a miss on its second-quarter earnings. In the report, Target posted earnings of $0.39 per share on revenue of $26.0 billion. This came in well under wall street expectations of $0.71 earnings per share on revenue of $26.1 billion.
Next, Target announced that it continues to estimate a fiscal 2023 revenue between the range of $107.1 billion to $112.4 billion. This is still in line with the current analysts’ consensus revenue estimates of $109.99 billion for 2023. “I’m really pleased with the underlying performance of our business, which continues to grow traffic and sales while delivering broad-based unit-share gains in a very challenging environment,” commented Brian Cornell, Chairman, and CEO of Target. On Wednesday morning, shares of TGT stock are set to open down at $176.73 per share.