Stocks fell on Tuesday after disappointing forecasts from retail giants Home Depot and Walmart and fears the Federal Reserve could keep interest rates higher for longer.

Home Depot (ticker: HD) reported earnings of $3.30 per share for the fourth quarter, beating analyst estimates by 2 cents. Revenue rose 0.3% to $35.8 billion in the quarter but missed guidance. Home Depot expects fiscal 2023 sales to be flat compared to fiscal 2022. The stock fell 7.1%.

Home Depot’s competitor Lowe’s (LOW) fell 5.1%. The company is expected to report results on March 1st.

Walmart (WMT) shares gained 0.6% after the world’s largest retailer reported adjusted fourth-quarter earnings that beat analysts’ estimates and released fiscal 2024 earnings guidance that came in below expectations .

Advertisement – Scroll to Continue.

Nordson (NDSN) was the leading loser on the S&P 500 on Tuesday. The stock fell 14% after the company’s first-quarter earnings and sales missed analyst estimates.

Dillard’s (DDS) is down 17% even after the department store chain reported a 5% year-over-year increase in total retail sales.

DocuSign (DOCU) fell 7.6% after shares of the e-signature company were downgraded to Sell from Neutral by UBS analysts.

Vir biotechnology

Advertisement – Scroll to Continue.

(VIR) rose 4.9% after the stock was upgraded from Neutral to Buy by analysts at Goldman Sachs.

Generac (GNRC) is down 8.7%. The stock was downgraded to Hold from Buy at Truist

and Janney Montgomery downgraded to neutral from buy after a sharp rise in the share price.

AutoNation (AN) fell 8.9% after JP Morgan downgraded the stock to underweight from neutral. The stock rose more than 11% on Friday after the autoseller reported fourth-quarter earnings that beat analysts’ expectations.

General Mills (GIS) rose 4.4% after the owner of Betty Crocker and Nature Valley said it expects adjusted earnings per share growth of 7% to 8% in constant currencies.

Advertisement – Scroll to Continue.

Molson Coors Beverage (TAP) rose 3.1% after the brewery posted fourth-quarter earnings per share that beat expectations.

Companies reporting results after Tuesday’s closing bell include Coinbase (COIN), Palo Alto Networks (PANW), Toll Brothers (TOL) and Caesars Entertainment (CZR).

Write to Joe Woelfel at

Leave a Reply

Your email address will not be published. Required fields are marked *