Best Buy Domestic Comparable Second Quarter Sales Fall 12.7%

The electronic retailer reported sales, comparable sales and net income declined in the second quarter as high inflation and energy prices kept consumers away from purchasing expensive electronic item purchases.

BBY

Movers: Baidu, Best Buy, Big Lots, First Solar, Lucid Group, Netflix, Peloton

Best Buy sales, comparable sales and earnings dropped as consumers avoid shopping expensive electronics. Big Lots comparable sales declined lapping stimulus driven purchases. Peloton said it needs more time to file its annual report.

Stocks Lack Direction, Bond Yields and Energy Prices Ease

Corporate stock repurchase activities are likely to accelerate in the remainder of the year ahead of the start of the buyback tax next year.

BIDU BIG BBY FSLR

Treasury Yields Rise and Stocks Extend Losses

Central bankers in the U.S. and Europe are expected to lift rates by at least 50 basis points at their next meetings and policymakers are playing catch up after four-decade high inflation spread wide and deep in the broader economies across the Atlantic.

Movers: Bristol-Myers, Catalent, Etsy, Moderna, Pinduoduo, Walmart

Walmart announced a public offer to acquire remaining shares in South Africa-based retailer. Bristol-Myers said it plans to continue additional trials for its new blood thinner products despite the latest setback.

MRNA ETSY BMY WMT PDD CTLT

Stocks On Wall Street Fall On Rate Path Worries, Bond Yields Rise

Stocks extended Friday's market selloff as investors focus on the implications of rising rates on the broader economy and company earnings. Energy complex stocks advanced.

Major Indexes Plunge 3% After Powell's Tough Talk

Fed chief's tough stance against high inflation prompted a sharp selloff on Wall Street and in Europe. Indexes sank as investors recalibrated rate outlook after Powell hinted taming inflation may take longer and need tougher measures.

European Markets Extend Weekly Losses On Rate-hike Jitters

European markets extended weekly losses after comments from the U.S. Fed Chairman Powell heightened rate jitters. U.K. regulator lifted price cap on energy bills, reflecting sharp jump in market prices.

Workday Q2 Revenues Rise 22%

The human resource software provider said revenues in the quarter rose but also reported a wider loss on the account of non-cash expenses.

WDAY

Ulta Same Store Sales Growth Plunges to 14%

The cosmetic retailer revised higher annual sales outlook as the company battles decelerating sales growth. Net income in the latest quarter rose 18%.

ULTA

Gap Inc Focuses On Trimming Inventories, Withdraws 2022 Guidance

The apparel retailer said it plans to focus on moderating growth in inventories. Banana Republic was the only chain in the company's portfolio reported sales growth.

Farfetch Operating Loss Expands

The acquisitive online luxury fashion platform operator struck another deal as the operating losses mount and gross merchandise value on the platform stalls.

FTCH

Affirm Quarterly Loss Widens, Annual Guidance Disappoints

The online payment lending plan provider reported quarterly loss widened on higher provisions for loan losses and processing costs.

AFRM

Movers: Affirm, Electronic Arts, Farfetch, Gap Inc, Micro Focus, Ulta Beauty, Workday

OpenText agreed to acquire Micro Focus for $6 billion. Gap withdrew its annual outlook and struggles with inventory surge and falling sales. Ulta Salon revised annual outlook slightly higher. Farfetch's operating loss in the quarter surged.

EA GPS OTEX WDAY FTCH MFGP ULTA

S&P 500, Nasdaq Down 2% After Powell's Inflation Remarks

Fed Chairman Powell reiterated the central bank's commitment in combating inflation and highlighted that slower economic growth, higher rates and softer labor market conditions will inflict pain on households.