The market slid lower Wednesday morning on a worrisome earnings report from retail giant Target — and more in Wednesday’s stock market recap.
The company reported weaker-than-expected earnings for the third quarter, and lowered forward guidance as stubbornly high inflation continues to weigh on consumers ahead of the holiday shopping season. The news caused Target Corp. (NYSE: TGT) to fall more than 15%, dragging the market down with it.
With Target setting the tone for Wall Street on Wednesday, don’t be surprised if we see some selling pressure.
On a more positive note, October retail sales data came in at 1.3%, just above estimates of 1.2%.
The figure, excluding auto sales, also came in at 1.3%, well above the 0.6% expected.
In this morning’s stock market recap video, I’ll discuss what to expect from blue chips in the next few sessions… why I’m bearish on retail stocks… two top stocks and which sector continues to lead… the THREE sectors that continue to lag and how to take advantage… whether momentum levels are rising or falling… if volatility is moving in the right direction… if the market is ready to turn bullish or stay bearish… plus the two big reports we need to keep eye on!
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The volatility we’re likely to see in the coming weeks could make the past year look tame…
That’s why I’m holding a special, live class at 1 p.m. ET TODAY, Nov. 16, to share the five market entry signals every trader should know.
I’ll show everyone how to use them, pull historic win rates and profit factors… and I’ll reveal the five tickers my bear market indicator is signaling — all in this no-cost session!
P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.
That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!
Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.
Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details.
Building on the sector analysis from Tuesday, I’ll take things a step further every Wednesday with two FREE trade alerts! I’ll identify my favorite stock in the strongest sector, and even a short opportunity from the weakest sector. That’s two trades… absolutely free… each week!
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to firstname.lastname@example.org!
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.