Stocks Retreat As Earnings Paint Mixed Picture and Fed Outlook Remains Unclear
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US stocks pulled back on Thursday, losing grip of gains from this week's rally as investors questioned if the Fed will pivot away from rate hikes.
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Dow futures dropped 0.2% and S&P 500 futures slipped 0.2% as some doubted the market's enthusiasm about rate cuts.
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Walmart beat earnings estimates but shares fell over 7% as its outlook was less than expected. Macy's jumped 10% after profit beat expectations.
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Markets assessed Biden's meeting with Xi which ended with economic differences remaining and Biden calling Xi a "dictator."
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Stock futures retreated Thursday as Walmart and Macy's earnings came in, leading Wall Street to question its confidence in the Fed easing tightening.