Shares fell on Friday as ongoing debt ceiling debate washington struck a sticking point and investors continued to digest a better than expected first quarter earnings season.
The S&P 500 (^GSPC) fell 0.22% in afternoon trading, while the Dow Jones Industrial Average (^ DJI) lost more than 100 points, or 0.37%. The tech-rich Nasdaq (^IXIC) fell 0.29%.
Shares stood up in recent sessions as the debt debate seemed to be progressing in Washington.
“It’s time to hit pause because it’s just not productive,” Rep. Garret Graves told reporters on Friday. Graves had been hired by House Speaker Kevin McCarthy to lead the talks for the Republicans.
President Biden is expected to host a press conference upon his return from Japan on Sunday.
Big tech was leading a week-long rally. Thursday, Netflix (NFLX), Apple (AAPL), alphabetical (GOOGL), Meta (META), Microsoft (MSFT), and Nvidia (NVDA) all finished at their highest level in at least a year.
Deere & Company Stock (OF), the parent company of John Deere, fell 2% on Friday as the company raised its profit outlook for the year. The maker of tractors and other farm equipment beat Wall Street estimates for revenue and profit.
“Deere continues to benefit from favorable market conditions and an improving operating environment,” Deere & Company CEO John C. May said in the company’s earnings release. “While supply chain constraints continue to present a challenge, we are seeing further improvement.
Meanwhile, Foot Locker (Florida) shares fell 26% at the open, their biggest drop since February 2022, as the shoe retailer cut its full-year forecast for earnings per share from a previous range of 3.35 $ to $3.65 to a new range of $2.00 to $2.25. The company also missed Wall Street’s quarterly estimates for revenue and earnings per share, while comparable sales fell 9% from the same period a year earlier.
“Since (March), our sales have slowed significantly given the challenging macro environment, which has forced us to lower our guidance for the year as we adopt more aggressive markdowns to drive demand and manage inventory,” Foot Locker CEO Mary Dillon said in the company’s results. release.
A calm day of economic data is headlined by comments from Federal Reserve Chairman Jerome Powell and former Fed Chairman Ben Bernanke at an event in Washington, D.C. As investors watch closely for any indications on the Fed next interest rate movePowell signaled no change in the Fed’s stance.
“We’ll be watching as we assess how much further policy tightening might be appropriate to bring inflation down to 2% over time,” Powell said. “This assessment will be ongoing. As we move forward meeting after meeting, we can afford to review the data and evolving insights and make careful assessments.”
Josh is a reporter for Yahoo Finance.
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