US stock markets commenced trading cautiously today, anticipating the release of the latest Federal Reserve meeting minutes and reacting to a variety of earnings reports from major retailers.
Shortly after trading began, the Dow Jones Industrial Average saw a decrease of 92.59 points, or 0.3%, standing at 35,058.45. The S&P 500 dropped by 12.14 points, also 0.3%, to 4,535.24, while the Nasdaq Composite fell by 51.16 points, or 0.4%, to 14,233.38.
The retail sector presented a mixed picture, with Lowe’s and Best Buy experiencing declines after revising their forecasts downward due to lower-than-expected sales in the third quarter.
Conversely, Abercrombie & Fitch, Dick’s Sporting Goods, and Burlington Stores raised their yearly forecasts, optimistic about robust demand in the upcoming holiday season following strong back-to-school sales.
In international news, China has given the green light to the merger of US semiconductor firm Broadcom and cloud software provider VMware. This approval, which comes with certain “restrictive conditions” as stated by China’s anti-monopoly regulator on Tuesday, overcomes a significant regulatory obstacle for the $69 billion deal.
Meanwhile, in London, the FTSE 100 has recovered from its earlier dips, currently down by 19 points at 7,476.
