© Reuters.
Investing.com – U.S. stocks fell early on Friday after earnings reports from major retailers beat expectations but set a cautious tone ahead of the holiday selling season.
At 10:35 ET (15:35 GMT), the dollar was down 29 points or 0.1%, while the dollar was down 0.1% and the dollar was down 0.2%.
Wall Street’s major indexes closed mixed on Thursday, with the 30-stock Dow Jones ending a four-day winning streak, while the benchmark S&P gained 0.2% and the Nasdaq gained 0.2%. technology, posted lower gains.
That said, all three averages are on track to post weekly gains, which would be their third consecutive positive week. The S&P 500 and Nasdaq are up more than 2% so far this week, while the DJIA is on track to rise 1.9%.
Confidence helped by hopes the Fed will peak interest rates
Confidence has been boosted this week by data showing a cooling in the US, raising hopes that the country has reached the end of a long-running and unprecedented campaign of interest rate hikes.
Additionally, the weekly price rose while the US fell for the first time in seven months in October, pointing to a slowdown in demand at the start of the fourth quarter.
Housing data was in focus on Friday. October’s 1.372 million was slightly above expectations and higher than the previous month, while the 1.487 million was also higher than expected.
Major retailers cautious ahead of holiday season
However, despite the stock gains seen this week, retail executives, including those at Walmart (NYSE:), the largest US retailer, warned of the possibility of a slowdown in the final quarter, seeing weakness in the spending habits of those affected by inflation. consumers.
Gap (NYSE continued the theme Thursday night, with the clothing retailer reporting higher-than-expected third-quarter revenue but signaling some caution for the key holiday quarter. Shares rose 31% to a new maximum of 52 weeks.
BJs Wholesale Club Holdings (NYSE beat earnings expectations and reported revenue that was in line with forecasts, up 2.9% from last year. It also reaffirmed guidance. Shares fell 2.4%.
Oil headed for weekly losses
Oil prices rose on Friday but were on track for their fourth straight week of decline amid signs of rising supply and fears of worsening global demand.
This week’s sharp drop was mainly caused by a sharp increase and maintenance of production at record levels.
(Peter Nurse and Oliver Gray contributed to this article.)
