US retailers are optimistic about the performance of the holiday shopping season, but Wall Street questions the sustainability of the growth.
Lululemon and American Eagle both raised their sales expectations for the holiday shopping season, but their stock prices fell; Abercrombie & Fitch also raised its performance expectations, but the increase was minor, leading to a dive in its stock price.
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Wall Street Today: Market Turns Around, Let's See if it Lasts
"No one survives"! Popular Technology stocks fell across the board, with MSTR down over 7%, Palantir down nearly 6%, and NVIDIA down almost 5%.
Last Friday, the chip stocks that led the decline in the US stock market continued to fall, with Micron Technology dropping over 6% at one point; AppLovin, which had the highest increase in the Nasdaq last year, fell over 3% intraday; Algo "meme stocks" collectively experienced double-digit declines, with D-Wave Quantum falling over 30% intraday. Following last Friday's employment report that dampened rate cut expectations, the US stock market faced additional Bearish news: the Biden administration announced AI-related export controls; NVIDIA's new generation Datacenter chip was reported to have received order cancellations from customers due to malfunction.
