{"id":52453,"date":"2023-08-24T10:25:37","date_gmt":"2023-08-24T14:25:37","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stock-market-today-dow-ends-lower-on-rout-in-retailers-rumble-in-regional-banks\/"},"modified":"2023-08-24T10:25:39","modified_gmt":"2023-08-24T14:25:39","slug":"stock-market-today-dow-ends-lower-on-rout-in-retailers-rumble-in-regional-banks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52453","title":{"rendered":"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com — The Dow closed lower Tuesday under pressure from regional banks and a tumble in retailers following disappointing quarterly results from Macy\u2019s and Dick\u2019s Sporting Goods.<\/p>\n

The fell 0.5%, 175 points, was flat, and the fell 0.3%. <\/p>\n

Macy\u2019s, Dick\u2019s Sporting Goods deliver cautious guidance<\/h2>\n

Retail stocks fell more than 2%, pressured by a tumble in Macy\u2019s and Dick\u2019s Sporting Goods as the duo\u2019s outlook rattled investor sentiment.<\/p>\n

Macy\u2019s Inc (NYSE:) fell more than 14% after the department store said it was taking a \u201ccautious approach on the consumer,\u201d following a faster-than-expected rise in customer credit-card delinquencies. The somber outlook offset quarterly results that on both the top and bottom lines.<\/p>\n

Dick\u2019s Sporting Goods Inc (NYSE:), meanwhile, cut its guidance on the full-year profit after reporting weaker-than-expected results as inventory shrinkage, a loss in inventory not due to sales, weighed on margins. Its shares fell more than 24%.<\/p>\n

\u201cThe larger disappointment was in gross margins at 34.4% vs. consensus 36.3%, with the company noting the shortfall was due in large part to elevated inventory shrink,\u201d Wedbush said in a note.<\/p>\n

Lowe\u2019s Companies Inc (NYSE:), however, bucked the trend to rise almost 4% after it maintained its annual guidance and better-than-expected quarterly results.<\/p>\n

Regional banks stutter as gloom clouds persist after S&P downgrade<\/h2>\n

Regional banks including Regions Financial Corporation (NYSE:), KeyCorp (NYSE:), and Zions Bancorporation (NASDAQ:) fell sharply after credit ratings agency S&P Global downgraded its credit ratings on several regional banks, souring investor sentiment on the sector.<\/p>\n

The dent in creditworthiness will make it more expensive for banks to borrow money at a time when strengthening their balance sheets is important in the post-banking crisis seen early this spring.<\/p>\n

Charles Schwab <\/span><\/span> Corp (NYSE:) was also in the firing line, falling more than 4% after the brokerage firm said it planned to cuts jobs targeting $500 million cost savings.<\/p>\n

Tech slips ahead as Treasury yields remain elevated<\/h2>\n

Tech stocks slipped as Treasury yields remain elevated, with the treasury yield, which is more sensitive to Fed rate hikes, topping 5% to hit its highest level since early July.<\/p>\n

Microsoft (NASDAQ:) closed just above the flat zone, however, as optimism builds that it can get its $42 billion acquisition of Activision over the line after it submitted a new merger agreement to the UK competition regulator.<\/p>\n

Under the revised terms, Microsoft said it would grant exclusive rights to games rival Ubisoft to distribute Activision Blizzard (NASDAQ:) titles on PC and console outside of the European Economic Area, potentially easing the UK regulator’s antitrust concerns. <\/p>\n

The move lower in tech comes just a day ahead of Nvidia\u2019s quarterly results that many see as a barometer of AI demand and another catalyst for tech should the chipmaker impress.<\/p>\n

“The guidance from Nvidia (NASDAQ:) might be that they can’t produce chips enough fast enough,” Jimmy Lee, the founder and CEO of The Wealth Consulting Group told Investing.com’s Yasin Ebrahim in an interview on Tuesday. <\/p>\n

“That might be a concern, but my expectation is that NVIDIA could come out with a good report, and that could help other tech-related stocks to rally with Nvidia,” Lee added.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — The Dow closed lower Tuesday under pressure from regional banks and a tumble in retailers following disappointing quarterly results from Macy\u2019s and Dick\u2019s Sporting Goods. The fell 0.5%, 175 points, was flat, and the fell 0.3%. Macy\u2019s, Dick\u2019s Sporting Goods deliver cautious guidance Retail stocks fell more than 2%, pressured by […]<\/p>\n","protected":false},"author":1,"featured_media":47418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-52453","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nStock market today: Dow ends lower on rout in retailers, rumble in regional banks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. Investing.com -- The Dow closed lower Tuesday under pressure from regional banks and a tumble in retailers following disappointing quarterly\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=52453\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. Investing.com -- The Dow closed lower Tuesday under pressure from regional banks and a tumble in retailers following disappointing quarterly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=52453\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-24T14:25:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-24T14:25:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/LYNXNPEC0K0XM_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=52453#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=52453\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks\",\"datePublished\":\"2023-08-24T14:25:37+00:00\",\"dateModified\":\"2023-08-24T14:25:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=52453\"},\"wordCount\":546,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=52453#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=52453\",\"url\":\"https:\/\/ifintechworld.com\/?p=52453\",\"name\":\"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-24T14:25:37+00:00\",\"dateModified\":\"2023-08-24T14:25:39+00:00\",\"description\":\"\u00a9 Reuters. Investing.com -- The Dow closed lower Tuesday under pressure from regional banks and a tumble in retailers following disappointing quarterly\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=52453#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=52453\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=52453#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks | iFintechWorld","description":"\u00a9 Reuters. Investing.com -- The Dow closed lower Tuesday under pressure from regional banks and a tumble in retailers following disappointing quarterly","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=52453","og_locale":"en_US","og_type":"article","og_title":"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks | iFintechWorld","og_description":"\u00a9 Reuters. Investing.com -- The Dow closed lower Tuesday under pressure from regional banks and a tumble in retailers following disappointing quarterly","og_url":"https:\/\/ifintechworld.com\/?p=52453","og_site_name":"iFintechWorld","article_published_time":"2023-08-24T14:25:37+00:00","article_modified_time":"2023-08-24T14:25:39+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/LYNXNPEC0K0XM_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=52453#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=52453"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks","datePublished":"2023-08-24T14:25:37+00:00","dateModified":"2023-08-24T14:25:39+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=52453"},"wordCount":546,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=52453#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=52453","url":"https:\/\/ifintechworld.com\/?p=52453","name":"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-24T14:25:37+00:00","dateModified":"2023-08-24T14:25:39+00:00","description":"\u00a9 Reuters. Investing.com -- The Dow closed lower Tuesday under pressure from regional banks and a tumble in retailers following disappointing quarterly","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=52453#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=52453"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=52453#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Stock market today: Dow ends lower on rout in retailers, rumble in regional banks"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/52453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52453"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/52453\/revisions"}],"predecessor-version":[{"id":52454,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/52453\/revisions\/52454"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/47418"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}