Stocks dipped on Wednesday, as investors turned their attention to retail earnings and sales.
 | WED, AUG 17, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 174.55 | +1.52 | +0.88% | | INTC | 35.78 | -0.41 | -1.13% | | CSCO | 46.66 | -0.11 | -0.24% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 174.55 | +1.52 | +0.88% | | AMD | 98.27 | -1.93 | -1.93% | | F | 16.03 | -0.40 | -2.43% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 174.55 | +1.52 | +0.88% | | AMD | 98.27 | -1.93 | -1.93% | | AMZN | 142.10 | -2.68 | -1.85% | |
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Retail earnings continued Wednesday with quarterly reports from Target and Lowe's following strong results from Home Depot and Walmart on Tuesday. Investors have been closely watching the results from these major retailers for further insight into how consumers – and consumer spending – are faring in the face of rising inflation. "We've seen mixed results out of retailers and the big questions are whether the consumer will keep spending and how will they reallocate their purchases as inflation continues to impact spending choices," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. Other retailers also made headlines on Wednesday, with shares of Bed Bath & Beyond surging 11.8%, bringing its gains for August to nearly 359% as the meme stock rally continues. Investors weighed a fresh batch of retail sales data, which remained unchanged for July across the board, but showed signs of strength in areas like online sales and consumer discretionary. |
Which retailers do the best in this climate is dependent on their target market. Speaking on CNBC's "Power Lunch" Wednesday, former Saks CEO Steve Sadove said he believes high-end and the value-end retailers should fare best. Grocery and some apparel and luxury areas are also doing better. Loop Capital's Anthony Chukumba sees value in dollar stores, which sit in a "sweet spot" poised to benefit from higher-income consumers trading down and lower-income consumers seeing an increase in pricing power, he said in a note to clients. "The consumer's still spending, they're spending differently," Sadove said. "I think that's the important part here." |
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