National Retail Federation CEO Matt Shay discusses the surge in retail sales and weighs in on inflation and labor shortages.
U.S. stocks trimmed some losses as Federal Reserve officials noted red-hot inflation and a tight labor market will likely warrant faster-than-expected rate hikes.
The details were disclosed in the minutes from the last meeting released at 2pm ET.
The Dow Jones Industrial Average fell over 60 points or 0.1%, while the S&P 500 turned marginally higher and Nasdaq Composite slipped 0.17%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34908.11 | -80.73 | -0.23% |
| SP500 | S&P 500 | 4468.76 | -2.31 | -0.05% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14087.480968 | -52.28 | -0.37% |
Investors also continue to monitor tensions between Russia and Ukraine after NATO reported that Russia was not easing its military presence around Ukraine. The ongoing conflict outweighed a strong report on retail sales.
INFLATION’S GRIP TIGHTENS IN MOUNTAIN STATES, MIDWEST AS CONSUMER PRICES SURGE HIGHER
Oil remained at $93 per barrel, giving a lift to ExxonMobil and Chevron.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 64.97 | +0.70 | +1.09% |
| XOM | EXXON MOBIL CORP. | 79.11 | +1.12 | +1.44% |
| CVX | CHEVRON CORP. | 135.45 | +1.20 | +0.89% |
In earnings, Airbnb shares rose after the company reported a rebound in business, with most bookings at the travel rental company coming in for four days or longer.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ABNB | AIRBNB INC. | 188.19 | +8.12 | +4.51% |
Robolox shares fell after reporting a 25-cent loss missing the 13-cent profit Wall Street was expecting. Revenue of $770 million also fell short of Wall Street estimates.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RBLX | ROBLOX CORP. | 53.97 | -19.33 | -26.37% |
Shopify tumbled after disclosing revenue growth will slow in 2022 after jumping 57% in 2021 as COVID lockdowns drove business.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHOP | SHOPIFY INC. | 730.47 | -159.02 | -17.88% |
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Among the morning’s key earnings reports: Kraft Heinz, which delivered a better-than-expected quarter and said revenues this fiscal year will be as much as $6 billion, higher than Wall Street’s $5.8 billion estimate.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KHC | THE KRAFT HEINZ CO. | 36.61 | +1.93 | +5.57% |
After-the-bell earnings include reports from Dow member Cisco Systems, insurer AIG, chipmaker Nvidia and semiconductor equipment maker Applied Materials.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CSCO | CISCO SYSTEMS INC. | 54.18 | -0.09 | -0.17% |
| AIG | AMERICAN INTERNATIONAL GROUP INC. | 60.25 | -0.12 | -0.20% |
| NVDA | NVIDIA CORP. | 262.34 | -2.61 | -0.99% |
| AMAT | APPLIED MATERIALS INC. | 140.49 | +0.65 | +0.46% |
In other news, shares of Trump SPAC Digital World Acquisition rose as the platform readies a kickoff.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DWAC | DIGITAL WORLD ACQUISITION CORP. | 83.94 | +2.79 | +3.43% |
There will also be a fair amount of economic data for traders to dissect.
The Commerce Department reports retail sales for January jumped 3.8% month over month after unexpectedly falling 2.5% in December based on the revision. Excluding the automotive component, spending increased 3.3% in January, a rebound from December’s 2.8% drop.
WHOLESALE PRICES JUMP AGAIN – FURTHER EVIDENCE OF RED-HOT INFLATION
Bitcoin traded around $44,000.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.
