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Nvidia’s stock (NASDAQ: NVDA) decided to do some morning stretches on Wednesday, fueled by the optimistic belief that the chip guru is gearing up to dazzle everyone once again with a rosy forecast. Like a clever investor reaping the rewards of its early bets on artificial intelligence, Nvidia is anticipated to give the markets a hearty boost.

In the previous trading session, this prized chip champion managed to touch the heights of an all-time high, only to playfully descend by 2.8% as the broader market decided to take a slight tumble.

Biggest Movers

Stock market today: Dow slips as consumer staples, energy fall to offset tech

U.S. futures traded higher Wednesday, as investors digested more corporate earnings, particularly from the retail sector, ahead of the release of numbers from chip designer Nvidia (NASDAQ:NVDA).

Here are some of the biggest premarket U.S. stock movers today:

  • Kohl’s (NYSE:KSS) stock rose 3.5% after the department store operator beat quarterly profit estimates, as leaner inventories, lower costs, and fewer discounts helped to counter a broader retail slowdown.
  • Foot Locker (NYSE:FL) stock slumped 31.4% after the sportswear retailer reported another quarter of falling sales, paused quarterly dividends, and slashed its outlook for the second time this year, blaming “consumer softness.”
  • Peloton (NASDAQ:PTON) stock slumped 25.7% after the exercise bike retailer forecast first quarter revenue below estimates as a shift in consumer spending toward travel and experiences hurt demand for its equipment.
  • Urban Outfitters (NASDAQ:URBN) stock rose 4.8% after the apparel retailer beat expectations for the second quarter as same-store sales rose, driven by growth in retail stores and online sales.
  • Bath & Body Works (NYSE:BBWI) stock fell 2.7% after the specialty retailer warned of a steeper decline in annual sales as cost-conscious customers deferred purchasing its pricier home fragrances and personal care products.
  • La-Z-Boy (NYSE:LZB) stock fell 1.6% after the furniture manufacturer said the industry will remain “challenged,” with a potential seasonal boost.
  • Toll Brothers (NYSE:TOL) stock rose 0.4% after the homebuilder beat expectations for third quarter profit, as demand for luxury homes in a tighter resale market boosted new home sales.
  • WeWork (NYSE:WE) stock fell 5.1% after the New York Stock Exchange suspended trading in the workspace provider’s warrants.
  • Tesla (NASDAQ:TSLA) stock fell 2.6% after a report by Business Insider said the EV manufacturer has lowered the production target of its German plant to 4,350 a week in July and August after hitting 5,000 a week in March and plans to reduce it further.
  • Stellantis (NYSE:STLA) stock fell 0.5% after Bloomberg News reported that the auto giant is exploring options to partner with a Chinese electric vehicle maker as it tries to expand its presence in the world’s largest auto market.
  • Apellis Pharmaceuticals (NASDAQ:APLS) stock soared 26.8% after the biopharmaceutical company provided a key safety update about its injection kits and the rare events of retinal vasculitis related to its eye drug, Syfovre.
  • AMC Entertainment (NYSE:AMC) stock fell 7.5%, continuing to drop after the approval of a rescue deal that will allow the deeply indebted cinema chain to issue more shares.
  • Foot Locker, Tesla, Peloton fall premarket; Kohl’s, Urban Outfitters rise

 

Source: Investing.com 1

Abercrombie & Fitch’s (NYSE: ANF) stock took a break from its normal routine of casual saunters and decided to sprint in the premarket arena on Wednesday. This fashion-forward retailer boldly raised its full-year sales outlook, flaunting its Hollister brand’s ability to give the cold shoulder to the usual consumer spending blues.

Hailing from the heart of Ohio, this company’s crystal ball seems to be made of denim, as it now predicts a growth spurt of around 10% in net sales for the fiscal year, sprouting from last year’s $3.7 billion milestone. This juicy forecast is a vine-ripened upgrade from their previous projection of a modest 2% to 4% nudge upwards.

Kohl’s Slides in Q2 Sales Dance, But Strikes Confident Pose for Full-Year Groove

Kohl’s (NYSE: KSS) just did the classic “slide and stride” move in the second quarter report – sales slipped, but the department store maestros ain’t losing their groove. They gave a wink and a nod to their full-year guidance, and guess what?

Shareholders hit the snooze button and woke up with a grin in premarket action on Wednesday. Following the retail rhythm, Kohl’s faced the same challenge as others, with customers tightening purse strings for the nonessentials thanks to the inflation tango.

Wednesdays are like the Goldilocks of the investing week – not too manic like a Monday, and not too close to the finish line like a Friday. It’s the perfect midweek opportunity to sprinkle some financial fairy dust and make those market moves. So, if you’re a smart investor, you’re not just sipping coffee on hump day; you’re caffeinating your portfolio with strategic choices that’ll have everyone else wondering if you’ve got a crystal ball hidden among your stock tickers.