Dow Futures Tick Lower After Wall Street Sell-off Intensifies By


© Reuters.

By Oliver Gray – U.S. stock futures were trading lower during Wednesday’s evening deals, after major benchmark averages finished the regular session sharply lower, with the Dow Jones Industrial Average posting its biggest loss since 2020 after retail earnings indicated rising inflation pressures weighing on corporate profits.

By 6:42pm ET (10:42pm GMT) and were each trading 0.1% lower while fell 0.2%.

In extended deals, Cisco Systems Inc (NASDAQ:) dipped 12.9% after as the as the company forecasted a surprising decline in revenue for the current quarter. Q3 EPS came in at 87 cents versus 86 cents expected while revenue came in at $12.8 billion versus estimates of $13.34 billion.

Bath & Body Works Inc. (NYSE:) fell 6% after , as the company forecasted lower-than-expected second-quarter earnings. Q1 EPS of 64 cents versus 53 cents expected on revenues of $1.45 billion versus $1.44 billion expected.

Synopsys Inc (NASDAQ:) gained 3.5% as the company Q2 EPS of $2.50 versus $2.37 expected on revenues of $1.28 billion versus estimates of $1.26 billion.

During Wednesday’s regular trade, the shed 1,164.52 points, or 3.57%, to close at 14-month lows of 31,490.07 and posting its largest daily losses since June 2020. The traded 4.04% lower to 3,923.68 while the dropped 4.73% to 11,418.15.

Among stocks, Target Corporation (NYSE:) shares tumbled 24.9% Wednesday after the retailer first-quarter earnings that were much lower than Wall Street estimated due to rising costs for fuel and compensation.

Major tech companies were also hit amid the sell-off with Block Inc (NYSE:) down 3.2%, Inc (NASDAQ:) falling 7.2%, Microsoft Corporation (NASDAQ:) dipping 4.8% and Apple Inc (NASDAQ:) down 5.6%.

On the bond markets, rates were at 2.884%.