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MarketWatch MarketPulseMay 22, 2019
Dow ends with triple-digit loss as weak retailer earnings offset Fed minutes
U.S. stocks ended lower at the closing bell on Wednesday after a raft of weaker-than-expected earnings from retailers overshadowed the Federal Reserve's minutes where it reiterated the central bank's patient stance. The S&P 500 fell 0.3% to finish around 2,856. The Dow Jones Industrial Average retreated 101 points, or 0.4%, to end near 25,776. The Nasdaq Composite was down 0.4% to finish around 7,751. Shares of Lowe's Cos. and Nordstrom Inc. fell 9% and 12%, respectively, after both delivered worse-than-expected first-quarter earnings. The Fed's minutes from its most recent meeting showed officials were comfortable with the central bank's accommodative policies, though they were split on the outlook for interest rates. Trade tensions continued to linger in investors' horizons even as China's ambassador to the U.S. said late Tuesday Beijing was open to renewing trade negotiations.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseMay 22, 2019
Victoria's Secret parent L Brands swings to surprise profit, stock rallies
Shares of L Brands Inc. rose more than 14% in the extended session Wednesday after the parent of Victoria's Secret and other brands reported a surprise first-quarter profit and raised its guidance for the year. L Brands said it earned $40 million, or 14 cents a share, compared with 17 cents a share in the year-ago period. Sales rose to $2.629 billion from $2.626 billion a year ago. Analysts polled by FactSet had expected per-share results to break even, in accordance with company's guidance, and sales of $2.6 billion. Comparable-store sales fell 5% at Victoria's Secret and increased 13% at Bath & Body Works, the company said. L Brands also raised its guidance for 2019 EPS to between $2.30 and $2.60, from a previous outlook of EPS between $2.20 and $2.60. Shares of L Brands ended the regular trading day down 5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseMay 22, 2019
Dallas Fed's Kaplan: 'Agnostic' whether next interest rate move will be 'up or down'
Dallas Fed President Robert Kaplan said Wednesday that he is solidly in the "patient" camp on interest rates and had no position on whether the next interest rate policy move will be to ease or tighten. Asked on the Fox Business Network if the next move by the Fed would be a rate cut, Kaplan replied: "We're basically, I think, at the right policy setting. I'm sort of agnostic at this point between about moving rates up or down." Kaplan said he would need to see something "compelling" that would cause him to end this patient stance. Financial stability concerns was one reason not to cut rates now, he said. "I'm hesitant while we're at or past full employment and the economy is running at solid rates... that adding further accommodation to the economy could create excesses and imbalances that could be painful to deal with in the years ahead," Kaplan said. While he is not a voter, Kaplan is influential given that he is a member of a small subcommittee of Fed officials that focuses on communication strategy.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Reuters Company NewsMay 22, 2019
US STOCKS-Renewed U.S.-China trade tensions push down Wall Street
* Qualcomm slumps after judge rules it violated antitrust law

RELATED ARTICLES
Trade tensions push down Wall Street - Yahoo Finance (Google Business News)

MarketWatch MarketPulseMay 20, 2019
Carvana launches debt, equity offer
Carvana Co. said late Monday it launched an offering of shares and debt for general corporate purposes. The used-car buying online company is looking to sell 3.5 million shares plus rights for the underwriters to buy additional shares. Wells Fargo Securities and Citigroup are among the underwriters. Carvana is also offering $250 million of additional 8.875% senior notes due 2023 in a private offering, the company said. Shares of Carvana fell more than 4% in the extended session after ending the regular session down 1.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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