DICK’S is Down, etc!

BREAKING MORNING FINANCIAL NEWS

By Staff Reporters

Dick’s had its worst day ever. The sporting goods retailer lost nearly a quarter of its value after it warned that increased theft and slowing sales of outdoor gear would result in lower-than-expected profits for the rest of the year.

Meanwhile, Macy’s also posted a sad excuse for a quarter, reporting shrinking sales across the board and particularly dramatic declines in categories like active wear and casual apparel. Macy’s CEO said consumers are spending less on goods and more on experiences this summer

Finally, the Dow Jones futures edged higher this Wednesday morning, along with S&P 500 futures and NASDAQ futures. Toll Brothers and Urban Outfitters reported Tuesday night, with Foot Locker and Analog Devices big losers early Wednesday. Nvidia looms large after Wednesday’s close.

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Debt Limit and Foot Locker?

By Staff Reporters

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Debt Limit: Stocks took a dive yesterday even though Jerome Powell said that interest rates may not have to rise as much as expected to quash inflation. What could loom even larger than Jerome Powell? A hiccup in negotiations over the debt ceiling raised fears about the possibility of the US defaulting. In fact, negotiations aimed at raising the nation’s debt limit resumed briefly last night after being halted for six hours during the day when Republicans broke off talks saying the White House was being unreasonable. A major sticking point was said to be the overall amount of government spending for next year as the deadline to get a deal in place to prevent an economically crippling default on June 1st draws near. Although no breakthrough came from the evening’s talks, further discussions are reportedly scheduled for later today.

Stock spotlight: Investors were about as interested in Foot Locker as an old stinky sneaker after a slowdown in sales prompted the retailer to slash its outlook for the year.

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