For the most part, it’s been a positive week in the markets.
However, Thursday morning saw the markets open down over 100 points.
The retail sector was hit hard after it released holiday sales.
Retailers, such as Target TGT and Macy’s M , fell in morning trading. TheStreet’s Martin Baccardax reported on Target’s holiday sales. The company said same store sales for the two months ending in December rose 5.7%, well ahead of the 3.4% pace recorded over the same period last year.
Macy’s lowered its guidance, according to TheStreet’s Tony Owusu, and said it now expects comparable-store sales to increase 2% in the year, down from its previous estimate of between 2.3% and 2.5%. Net sales are now expected to be flat year over year, down from the previous estimate of a 0.3% to 0.7% increase, Macy’s said.
Kohl’s KSS shares fell nearly 9% after the company reported a 1.2% increase in holiday season comparable store sales, down from the roughly 7% growth it reported last year.
Corpina also discussed what he expects from bank earnings, which are set to come out next week.
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NYSE Trader Breaks Down Bank Earnings, the Retail Sector and the Fed Speeches