The markets took a break from its good run today, with stocks traded lower. News that Trump would back a proposal to place tariffs on a further $200 billion of Chinese good sent stocks lower on the day. The Dow 30 was lower by 137 and the S&P 500 sold off 12. Even the Nasdaq 100 lost 21 despite an early focus on Amazon and their near $1 trillion valuation, which broke above $2000 a share to $2050.27. Amazon is the second stock ever to hit $1 trillion in value.
World Markets are starting to diverge from the US market, with Europe and Asia mostly lower for the month. With the volatile September season approaching, many analysts think the same is about to happen to the US.
Dollar Tree (NASDAQ: DLTR) was the latest retailer to report earnings. The discount retailer had a slight miss. In the last four quarters the company has only beat earnings once, which has many investors frustrated with its slow performance. Revenues were basically in line with expectations from Wall Street, but their generally lackluster performance has caused investors to question the current valuation of the company.
Abercrombie & Fitch (NYSE: ANF) shares plummeted today despite the company showing a profit of $0.06 per share, which Wall Street was not expecting. Though this was good news, shares moved lower. Wall Street was also not expecting to miss their sales numbers. The company ran out of inventory for their Hollister stores in Europe thanks to a longer-than-expected summer season. Shares closed near 4-month lows.
Other retailers that sold off on earnings news included PVH Corp (NYSE: PVH), which owns clothing brands Tommy Hilfiger and Calvin Klein and sold off 10% on the day, and Michaels (NYSE: MIK), which lost 9% on lower revenue and sales.
Signet Jewelers (NYSE: SIG) and Guess (NYSE: GES) were two retailers that showed strong gains following their earnings releases.