Retail earnings nosedive as crude rockets higher
Stocks give up Tuesday's gains as crude oil surges and another slew of retail earnings disappoints.
Stocks give up Tuesday's gains as crude oil surges and another slew of retail earnings disappoints. Catch The Final Round at 4 p.m. ET with Yahoo Finance's Jen Rogers and our markets correspondent Nicole Sinclair.
Winners and losers
Stocks slipping in today's trading include Macy's after reporting its fifth straight quarterly sales decline; Wendy's after warning of a second-quarter sales slowdown; and Fossil falling short of earnings and revenue forecasts. The company also reported a current quarter outlook that was below expectations.
Stocks finishing the day on a high note include Solar City, after a big drop in the stock yesterday following disappointing earnings; Freeport-McMoRan, due in part to a drop in the dollar; and Electronic Arts. The video game maker beat analyst expectations on its top and bottom line, thanks in part to strong sales of its "Star Wars Battlefront" game.
Are Macy's weak earnings an ominous sign for the retail industry?
This week we're getting a closer look at major retailers. Macy's was a disappointment, reporting a 7.4% drop in revenue. In addition to declining traffic and high fees for rental space, retailers are also dealing with increasing labor costs. Is this making it difficult to keep costs down and remain competitive with online stores?
Importance of visual intelligence
Can looking at Monet's water lily panting save a company millions of dollars? It can, according to Amy Herman, author of the book "Visual intelligence." She tells us what people, especially those in finance, can gain from looking at art and working on their perception skills.
Looking ahead
We'll get weekly jobless claims in the morning. New claims for last week are expected to come in at around 267,000, a slight drop from last week.
Earnings season rolls on with retailers Nordstrom and Ralph Lauren set to report.
Finally, we'll get more Fed-speak throughout the day with Loretta Mester, Eric Rosengren, and Esther George all making potentially market moving comments.