On Wednesday, the US markets were headed lower after a new batch of earnings reports suggested consumer spending might not be a strong as many had hoped. The one bright spot in the market was Apple (NASDAQ:AAPL) which rose another 2% today as investors learn more about Carl Icahn activist investment in the company.
In economic news, the Labor Department reported wholesale prices were unchanged in July after increasing 0.8% in the month of June. Excluding food and energy, core prices climbed 0.2% in July and have increases 1.2% over the past twelve months.
In corporate news, Macy's (NYSE:M) reported second quarter earnings of $281 million, or 72 cents per share, as revenue fell to $6.07 billion. The retailer fell short of Wall Street estimates for both sales and earnings, causing the stock to slip on Wednesday. And Deere (NYSE:DE) reported fiscal third quarter earnings of $997 million, or $2.56 per share, as revenue climbed by 4% to $10 billion. Third quarter results topped Wall Street estimates, but the stock fell with the markets today.
After the bell today, investors will review results from Agilent Technologies (NYSE:A) and Cisco Systems (NASDAQ:CSCO), and before the bell tomorrow, from Kohl's (NYSE:KSS) and ReneSola (NYSE:SOL).
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