Market News: Macy’s, Boston Scientific, Molson Coors Brewing Company

Market News: Macy’s, Boston Scientific, Molson Coors Brewing Company
market news

The stock markets in the United States declined primarily due to a selloff in retail sales amid reports on corporate mergers today. Macy’s led the selloff in the retail industry as investors were disappointed with its quarterly financial performance.

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Currently, investors are evaluating the potential impact of higher interest rate in the United States. The Federal Reserve is likely to raise interest rates in December since the labor market recorded a robust growth last month. Traders forecasted a 68% probability for December rate hike.

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In an interview with Bloomberg, Veronika Pechlaner, an investment manager at Ashburton Investments commented, “Rate expectations for December have ticked up quite a bit. After the initial weakness following the payroll print, the market is taking it in its stride, and that’s good news. It’s going to be a wait-and-see development for the market where the positive seasonal trend is fighting with specific action around rates.”

On the other hand, James Gaul, a portfolio manager at Boston Advisors said that market appears to be quiet because there are “no obvious catalysts right now” and the earnings season is almost over. He added, “There’s a lot of news behind us and not a lot of potentially market-moving news ahead of us in the short term. Today might just be a little bit of a digestion day.”


U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 17, 702.22 (-0.32%)
  • S&P 500- 2,075.00 (-0.32%)
  • NASDAQ- 5,067.02 (-0.32%)
  • Russell 2000- 1,179.29 (-0.71%)

European Markets

  • EURO STOXX 50 Price EUR- 3,448.42 (+0.67%)
  • FTSE 100 Index- 6,297.20 (+0.35%)
  • Deutsche Borse AG German Stock Index DAX- 10,907.87 (+0.70%)

Asia-Pacific Markets

  • Nikkei 225- 19,691.39 (+0.10%)
  • Hong Kong Hang Seng Index- 22,352.17 (-0.22%)
  • Shanghai Shenzhen CSI 300 Index- 3,833.65 (+0.01%)

Stocks in Focus

The stock price of Macy’s plummeted nearly 14% to $40.44 per share. The largest department store operator in the United States reported earnings of $0.36 on $5.87 billion in revenue, down from $6.19 billion in the same period last year. Macy’s recorded the most revenue decline since 2010.

Boston Scientific declined more than 4% to $18.01 per share. The company’s Watchman left appendage closure device, which is used to close a portion of the heart where deadly blood clots can form, failed to obtain extensive reimbursement coverage from Medicare.

Molson Coors Brewing Company gained more than 4% to $92.19 per share. The company plans to acquire full control of the Miller and Coors brands globally for $12 billion. Molson Coors CEO Mark Hunter said the acquisition will provide significant incremental scale and take the company in a number of new markets.


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