The three major U.S. equity indexes closed sharply lower Monday. The Dow Jones industrials dropped 1.91%, the S&P 500 lost 2.14% and the Nasdaq tumbled by 2.55%. All 11 sectors ended the day with losses, led by communications services (2.9%), technology (2.8%) and consumer cyclicals (2.8%). The 10-year Treasury note popped above 3% for the first time in a month, while meme stocks AMC (down 42%) and Bed Bath & Beyond (down 16%) continued sinking. About half an hour after Tuesday’s opening bell, the three major indexes traded slightly lower.
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After markets closed Monday, Palo Alto Networks reported better-than-expected profit and revenue. The company also raised full-year guidance for earnings per share (EPS) and revenue. Shares were up about 11.3% early Tuesday.
Zoom Video beat EPS estimates but missed analysts’ consensus revenue estimate. The company also released downside guidance for the current quarter and for the fiscal year. Early trading had the stock down about 11.0%.
Before markets opened on Tuesday, JD.com reported better-than-expected profit and revenue. The stock traded down by about 1.5%.
KE Holdings also beat both top-line and bottom-line estimates but issued downside guidance for the current quarter. The stock traded down by about 1.2%.
Macy’s also beat estimates on both the top and bottom lines. Current-quarter guidance was a bit short of the profit estimate but higher than the consensus revenue estimate. Inventory remains an overhang. Shares traded up more than 5%.
Medtronic beat the EPS estimate by a penny, but revenue came in better than expected. The company reaffirmed prior fiscal-year guidance. Shares traded down about 2.6%.
After markets close Tuesday, Nordstrom, Petco, Toll Brothers and Urban Outfitters are expected to post their quarterly results. We also have previewed four companies reporting earnings after markets close on Wednesday: Nvidia, Salesforce, Snowflake and Splunk.
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