By Oliver Gray
Investing.com - 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.
In extended deals, Cisco Systems Inc (NASDAQ: CSCO ) dipped 12.9% after results 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: BBWI ) fell 6% after reporting , 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.
During Wednesday’s regular trade, the Dow Jones Industrial Average 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 S&P 500 traded 4.04% lower to 3,923.68 while the NASDAQ Composite dropped 4.73% to 11,418.15.
Among stocks, Target Corporation (NYSE: TGT ) shares tumbled 24.9% Wednesday after the retailer reported 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: SQ ) down 3.2%, Amazon.com Inc (NASDAQ: AMZN ) falling 7.2%, Microsoft Corporation (NASDAQ: MSFT ) dipping 4.8% and Apple Inc (NASDAQ: AAPL ) down 5.6%.
On the bond markets, United States 10-Year rates were at 2.884%.
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