Anxiety returned to Wall Street on Thursday with markets poised to give back much of the previous day’s gains, which were spurred by President Donald Trump’s one-month exemption for U.S. automakers on his 25% tariffs for Mexican and Canadian imports.
Futures for the S&P 500 were down 1.1% and futures for the Dow Jones Industrial Average were 0.9% lower. Nasdaq futures slid 1.3%.
Macy’s was the latest retailer to issue a weak forecast, sending its stock down in premarket even after it posted strong fourth-quarter profit that beat expectations. Its shares tumbled more than 3% before markets opened Thursday.
It was a similar story for Victoria’s Secret, which beat Wall Street’s fourth-quarter sales and profit forecasts but also issued tepid sales guidance for the first quarter and full year. It’s shares tumbled 3.2%.
Costco and The Gap report their latest financial results after Thursday’s closing bell.
Markets are also eagerly anticipating Friday’s U.S. jobs report, …