- U.S. equities lost ground at midday on Tuesday, Nov. 21, 2023 as several retailers warned about consumer demand heading into the key holiday shopping period.
- Best Buy and Lowe's cut their full-year outlooks as customers pulled back on spending.
- The price of gold moved above $2,000 an ounce, sending shares of Newmont Corporation and Freeport-McMoRan higher.
U.S. equities were down at midday as a string of retailers warned about consumer spending heading into the key holiday shopping season. The Dow, S&P 500, and Nasdaq all fell.
Best Buy (BBY) shares declined after the electronics retailer said customer demand was “uneven” and hard to predict, as it reduced its full-year forecast. Lowe’s (LOW) also lowered its outlook, as consumers pulled back on do-it-yourself projects.
Shares of Jacobs Solutions (J) plunged after the professional services provider announced it was spinning off its Critical Missions Solutions and Cyber & Intelligence government services businesses and merging them with government and commercial services contractor Amentum into a separate, publicly traded firm.
Agilent Technologies (A) shares jumped after the maker of laboratory equipment beat profit and sales estimates as two of its three divisions posted higher revenue despite what CEO Mike McMullen called a “challenging year for the industry.”
Tesla (TSLA) shares gained as the electric vehicle maker started delivering its Cybertruck to showrooms.
Oil futures declined. The yield on the 10-year Treasury note was down. The U.S. dollar was up on the euro, but lower versus the pound and yen. Most major cryptocurrencies traded in negative territory.