TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, November 16.
Full Video Transcript Below:
J.D. DURKIN: I'm J.D. Durkin, reporting from the New York Stock Exchange.
Stocks were mixed to close out today's session. The Dow closed down 45 points, the Nasdaq closed up fractionally, and the S&P also closed fractionally higher as stocks took a breather from the November rally. Stocks popped up earlier this week as Wall Street reacted to inflation and retail spending data.
Meanwhile, oil prices are once again in focus after dropping to their lowest level seen in four months. This comes amid fears of slowing demand and disappointing economic data out of the U.S. and China.
Turning to retail - despite raising its sales and profit forecasts for the rest of the year, Walmart says consumers are being more cautious with their cash as the holiday season approaches.
Walmart saw shopper visits increase by 3.5 percent in the third quarter, but CFO John David Rainey said customers are still using more discretion in this inflationary environment. He also said consumers are waiting for the big sales during Black Friday and Cyber Monday. This lines up with similar thoughts expressed by Target CEO Brian Cornell. Rainey also went on to say, "This gives us reason to think slightly more cautiously about the consumer versus 90 days ago."
U.S. consumer spending is responsible for about 70 percent of the economy, and retail sales rose just 0.2 percent in October thanks to higher borrowing costs and ongoing inflation.
But none of this seems to be slowing down Walmart, as the company saw its stock hit an all-time high on Wednesday, with shares up nearly 20% in 2023.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
