Stock Market News: Tesla, Dick’s Sporting Goods in focus, S&P cuts banks

Dick's Sporting Goods became the latest retailer to bemoan rising in-store thefts which cut into profits.

Last week both Target and Walmart echoed similar trends.

Macy's said on Tuesday it will not change its annual forecast while warning of weakened consumer demand for the second half of the year.

“We continue to see uncertainty in the macroeconomic environment. We are leveraging our robust data science tools to refine inventory composition, while reading and reacting to shifting consumer preferences to meet demand,” Macy’s CEO Jeff Gennette said in a statement.

“Looking ahead, we are committed to fortifying our core business and improving our customer experience,” he added.

On Wall Street , shares of Macy’s are falling in early trading on Tuesday, after losing roughly 36% since Jan. 1. Macy's also reaffirmed its 2023 sales expectations of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20.

The company posted adjusted earnings per share of 26 cents in the quarter ended July 29, beating expectations of 13 cents. Meanwhile, comparable sales for Macy's-owned and licensed stores fell 7.3%, compared with expectations of a 6.48% drop.

Reuters contributed to this post.

Lowe's beat Wall Street estimates for quarterly profit and posted a smaller-than-expected drop in comparable sales on Tuesday.

Shares of Lowe's are up on Wall Street, after CEO Marvin Ellison said the company was confident in the mid- to long-term outlook for the home improvement industry.

Lowe's also maintained its 2023 sales and profit forecasts, while seeing growth across its "Pro-customer" business during the second quarter, which caters to professional builders, contractors rather than Do-It-Yourself customers.

Meanwhile, same-store sales at Lowe's slipped 1.6% over the second quarter, less than analysts' estimate of a 2.36% decrease, according to Refinitiv data. Its per-share earnings of $4.56 also surpassed predictions of $4.49.

Reuters contributed to this post.

As yields rise to 5%, a product of the Federal Reserve's rate hiking cycle, investors are pouring into money market funds to the tune of a record $5+ trillion seeking safety and none of the downsides that come with stock volatility.