© Reuters.
By Dhirendra Tripathi
Investing.com — Stocks tumbled on Tuesday after several days of record highs, pushed lower after disappointing retail sales numbers raised concerns the fast-spreading Delta variant of Covid-19 had the potential to reverse consumer behavior.
slipped to a two-month low, falling more than expected in July, while weaker quarterly results from the home improvement chain Home Depot Inc (NYSE:) didn’t help.
Consumers spent less on autos, building materials, and nonstore retailers last month after a surge in spending during the prior months spurred by stimulus checks.
Discount retailing giant Walmart Inc (NYSE:) raised its full-year guidance after reporting better-than-expected second-quarter results, adding at least a glimmer of hope that the sector will recover.
On the vaccine front, shares of Moderna Inc (NASDAQ:) surged 5% after the U.K. regulators approved the use of its Covid-19 shot for 12 to 17 year olds. Pfizer Inc (NYSE:) and Novavax Inc (NASDAQ:)also rose.
The Federal Reserve releases the minutes of its June policy meeting on Wednesday, and officials are preparing for their annual symposium in Jackson Hole, Wyo., later this month. Many expect the central bank to announce plans to ease off bond buying at either its September or November policy meeting.
Retail earnings week continues on Wednesday. Here are three things that could affect markets tomorrow.
1. More home improvement results
Lowe’s Companies Inc (NYSE:), a rival to Home Depot in the home improvement retail market, is expected to announce second-quarter earnings per share of $3.99 cents on revenue of $26.65 billion.
2. Discount retailers
After Walmart, Target Corporation (NYSE:) is seen posting a revenue of $24.95 billion and earnings per share of $3.49 for the second quarter. Analysts will be listening for trends on same store sales and online shopping, which helped lift retailers during the pandemic.
3. Chip results
It’s not just retail earnings this week. There are a couple of noteworthy tech companies, such as chip maker NVIDIA Corporation (NASDAQ:), whic is seen clocking an EPS of $1.02 on revenue of $6.32 billion in the second quarter.
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