The Fed's monetary policy announcement should address the path of interest rates, the plan to unwind the balance sheet, and expectations for the economy.Read More »
Under Armour Inc.'s stock price fell 2 percent Tuesday on concern of a slowdown in the apparel industry. Wells Fargo downgraded the Baltimore sportswear maker to "market underperform" and slashed its stock price target from $17 per share to $13. Shares of Under Armour were down 3 percent in afternoon trading Tuesday to $16.84. Analyst Tom Nikic wrote in a note to investors that the apparel industry "has had a remarkable track record of success over the long term" but "appears poised to take a breather for now." Consumers have "filled their closets with athletic wear," and the industry faces distribution issues because of retailer bankruptcies and store closures, Nikic wrote. Last year, industry
This is in sharp contrast to the plans of other retailers such as Target Corp and Macy's Inc , which have said they would hire thousands of more workers during the busiest shopping season of the year. "These extra hours will help staff traditional roles like cashier and stocker, and newly created technology-empowered positions such as personal shoppers and Pickup associates," Walmart U.S. Chief Operating Officer Judith McKenna said in a statement.
Stocks held close to the flatline on Wednesday, Sept. 20, with investors given little impetus to move higher until the Federal Reserve announces policy decisions on interest rates and its balance sheet. The Dow Jones Industrial Average was down 0.01%, the S&P 500 added 0.03%, and the Nasdaq was down 0.04%. All benchmark indexes closed at records a day earlier -- the Dow for the sixth day in a row and the S&P 500 for its third. The Federal Open Market Committee, the decision-making arm of the Fed, will wrap up its meeting on Wednesday afternoon after talking policy for two days. A policy announcement is expected at 2 p.m. ET and a press conference from Chair Janet Yellen is expected shortly