Macy's (M) sales declined 1.7% year-over-year in the fourth quarter of 2023 as the retailer plans to close 150 of its stores over the next several years.
Lowe's (LOW) sales fall year-over-year, warning of further slowdowns as inflation continues to batter the housing and home-improvement sectors.
While stock futures search for direction ahead of Tuesday's opening bell, bitcoin (BTC-USD) prices soar higher above $57,000.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
SEANA SMITH: Let's get right to it with the three things that you need to know, your roadmap for the trading day. Yahoo Finance's Brooke DiPalma, Madison Mills, and Jared Blikre have more.
BROOKE DIPALMA: Good morning. That's shares of Macy's in the red this morning after reporting another quarter of declining sales as the new CEO looks to engineer a comeback, after the retail giant rejected a buyout bid earlier this year. Now, the plan he says is designed to create a more modern Macy's, that is expected to generate a meaningful value for our shareholders in the years ahead. Once again, CEO Tony Spring saying that in Tuesday's release.
Now, as part of this initiative, Macy's does plan to close 150 underperforming locations, including 50 by the end of 2024.
BROOKE DIPALMA: And shares of Lowe's moving to the downside in the premarket trade this morning, following misses on their earnings print in both sales and revenues. The CEO saying that shoppers are taking a more cautious approach to spending on those DIY projects as inflation does continue to remain sticky. Lowe's though, reiterating its full year outlook for 2024 will be impacted, thanks to, quote, "near-term macroeconomic uncertainty."
JARED BLIKRE: And futures searching for direction as investors count down the days to a crucial inflation report. Stocks losing momentum following the tumultuous run up after NVIDIA's earnings last week.
And meanwhile, Bitcoin bulls are having a field day. The price of Bitcoin soaring to the two-year highs, topping 57,000 with gains buoyed by demand for spot Bitcoin ETFs and investments from MicroStrategy. Shares of Bitcoin miners and crypto exchanges, they are also rising alongside the leading digital currency.
