Stock futures still positive as Macy’s add to retail woes
Macy’s has cut its full year same store sales to 1.5-2% from 2.5-3% prior. Although they said that Q2 sales rose 3.3% they would not make up for the weather related weakness in the first quarter.
They reported earnings earlier and missed the market estimates. EPS came in at $0.80 vs $0.86 exp and sales were in at $6.267bn vs $6.299bn exp.
Stock futures had come of their highs but as we’re just opening stocks are printing in the green in the first few trades.
- S&P +9pts to 1942
- Dow +61pts to 16622
- Nasdaq +20pts to 4409
US 10 year yields 2.43% -1bp
Looks like stocks are ignoring the retail data so look for the dollar to reverse the data driven losses if it continues.