US stock futures fell on Wednesday, following a mixed day, as investors remained cautious ahead of a major inflation data that will steer expectations for interest rate reduction.
Futures for the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) fell 0.3%, while the tech-heavy Nasdaq 100 (^NDX) led falls with a nearly 0.4% dip.
Stocks suffered in the last days of February as fresh economic data helped bring a market fueled by AI optimism back to reality with higher-for-longer interest rates. This week, investors have been eagerly down to Thursday’s PCE inflation report, which is expected to determine how soon the Federal Reserve will begin cutting interest rates.
Meanwhile, a fourth-quarter GDP report, as well as numbers on mortgage applications and personal spending, are scheduled for release on Wednesday.
In other asset markets, bitcoin (BTC-USD) maintained its rapid climb, pushing above $59,000 early Wednesday and approaching a new all-time high. The introduction of spot bitcoin ETFs has boosted the cryptocurrency to heights not seen since late 2021.
Beyond Meat (BYND) shares surged more than 60% in premarket trade after the plant-based meat company’s CEO vowed to cut expenses in a turnaround push.
Rather, this is a drama that will play out every day inside the corporation and in the affected communities until the process is completed. It will be discussed at every investment conference that a Macy’s CEO talks at between now and 2026. It will be mentioned during the company’s upcoming earnings calls.
So, if you possess Macy’s stock, you should do further research while also being informed (reading local news outlets might assist with this). It’s a watershed moment for the corporation that might determine if it survives 20 years from now.
After closing these 150 stores, Macy’s will have around 350 sites open in the United States. That scarcely qualifies as a national store, much less one capable of competing successfully with Amazon (AMZN). The firm is losing a significant amount of market share to competitors like discounter Target (TGT), which has almost 2,000 shops in the United States. Kohl’s (KSS) has 1,100 locations throughout 49 states.
Citi’s Paul Lejuez provided context for the competitive dynamic in a new note this morning: “With Macy’s putting over $2 billion in sales up for grabs over the next three years from its store closing plan, we believe this is most likely to benefit the off-price group (TJX Companies (TJX) in particular) that tends to pick up market share (sales) when department stores close stores.”
Beyond Meat (BYND) shares are up 55% this morning (up 100% overnight) following results last night. The company’s ticker page is now the most popular on Yahoo Finance.
The plant-based meat company is restructuring its operations (bye-bye jerky items), which may have gotten some people enthusiastic about a possible turnaround for this long-struggling industry.
When you notice an outsized rise like this in a stock, it’s a good idea to question whether there’s something else going on.