Yahoo Finance: Retailers Get Ready to Report Earnings Amidst Growing Fears of a Consumer Slowdown
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The hope for interest rate cuts in the near-term as well as falling yields is what propelled major indices to multi-day rallies to start out November. It was the ending of those two things that snapped the longest winning streak in two years late last week. On Thursday, comments from Federal Reserve Chair Jerome Powell suggested that the Fed's work to reduce inflation was likely not done yet, causing the S&P 500, DJIA and NASDAQ to all post losses.
With peak earnings season complete, investors will be looking to the final leg of the Q3 season as retailers report in the coming weeks. Commentary from these companies will provide a read on the US consumer which has been hard to pin down as of late on account of mixed data. Last week results from apparel retailers began to trickle in and it was clear that while many companies continue to beat on the bottom-line, top-line growth has been more of a struggle. Both Under Armour (NYSE: UAA) and Steve Madden (NYSE: SHOO) beat on EPS but came in-line on revenues. Coach parent company Tapestry beat on EPS but missed revenues.? A bright spot in the space last week was RealReal Inc (NASDAQ:REAL) which surpassed both metrics, causing the stock to pop 35% since the report.