Stocks Lower On Growth Concerns – Gap, Nordstrom PLUNGE 20% As Supply Bottlenecks Squeeze Retailers

U.S. stocks fell at the open of a shortened day for equity markets Wednesday amid fears over a worsening global growth outlook, coupled with rampant inflation. The Dow was off 0.40 percent while the S&P 500 traded down 0.57 percent. The tech heavy Nasdaq composite index lost 160 points, or 1.02%.

Surging COVID cases in Europe are contributing to the negative growth outlook. Germany reported record cases, and Italy and France could introduce new measures.

On the other hand, jobless claims showed much-needed good news, as they surpassed even the pre-pandemic levels. The number of Americans applying for unemployment benefits fell to the lowest level since 1969! This, however, indicates there’s something else going on in the employment market. At present, there are 11 million job openings, indicating that many Americans have chosen not to return to the work force.

U.S. Dollar and Treasuries

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The yield on the 10-year Treasury rose four basis points. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 96.74 +0.25 +0.26%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.185% 0.008 0.177%
U.S. 5 Year Treasury Note 1.341% 0.000 1.341%
U.S. 10 Year Treasury Note 1.670% 0.039 1.631%

 

Stocks To Watch

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Shares of Gap plummeted after the company cut its profit estimates for the year. Gap reported adjusted earnings of 27 cents per share, on $3.94 billion in revenue. The company missed earnings by 13 cents.

Shares of department store Nordstrom plunged after missing earnings estimates. The company reported profits at 39 cents per share on revenue of $3.64 billion. However, investors were probably more concerned that the management warned of supply chain issues. Supply shortages and high labor costs are impacting firms across the industry.

Shares of Tesla dipped after Musk sold some more shares. On Tuesday night, he sold $1.05 billion in shares. At the same time, he exercised options to buy 2.15 million shares.

Symbol Company Name Price Chg. % Volume
GPS Gap Inc. $18.75 -20.25 448.12K
JWN Nordstrom Inc. $23.61 -26.06 228.04K
TSLA Tesla Inc. $1,097.94 -1.00% 191.45K

 

Commodities To Watch

Oil was steady after rising Tuesday as investors reacted with fear to a coordinated effort by the U.S., China, India and other countries to release reserves. Gold remained steady.

Resource Price
WTI Crude Oil $78.41
Brent Crude Oil $82.07
Natural Gas $4.96
Gold $1,782.70
Silver $23.43
Copper $4.45

 

The global crypto market cap is $2.58T, a 1.4% increase over the last day. Bitcoin’s dominance is currently 41.42%, a decrease of 0.42% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $56,712.25 +0.79% 1.07t
Etherium ETH $4,310.39 +4.16% 509.02b
Binance coin BNB $592.00 +2.58% 89.00b
Solana SOL $214.81 +1.42% 65.28b
Cardano ADA $ 1.68 -5.19% 52.22b

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