Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • S&P 500

    5,248.49
    +44.91 (+0.86%)
     
  • Dow

    39,760.08
    +477.75 (+1.22%)
     
  • Nasdaq

    16,399.52
    +83.82 (+0.51%)
     
  • Bitcoin USD

    70,576.44
    +298.53 (+0.42%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.37
    +20.39 (+0.26%)
     
  • Gold

    2,231.40
    +18.70 (+0.85%)
     
  • Crude Oil

    82.40
    +1.05 (+1.29%)
     
  • 10-Yr Bond

    4.1960
    0.0000 (0.00%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Lowe's outlook, debt ceiling, Zoom earnings: Top stories

Yahoo Finance Live breaks down some of today's top developing headlines, including earnings from Lowe's and Zoom, and the ongoing debt limit talks between President Biden and lawmakers.

Video transcript

JULIE HYMAN: This is Yahoo Finance's Live. I'm Julie Hyman, that's Brad Smith, and here are three things you need to know this morning. The retail gloom makes its way to Lowe's, the home improvement retailer cutting its full-year outlook as do it yourself spending slows.

The North Carolina-based business slashed its annual comparable sales and profit forecasts as still-high inflation continues to eat into consumer budgets. The report picks up from last week's narrative of a choosier consumer. Remember, we saw that number three Home Depot, Target, and Walmart.

ADVERTISEMENT

Secondly, no debt ceiling deal yet, but talks have been labeled constructive. Both President Biden and House Speaker Kevin McCarthy vowing to negotiate and avoid an unprecedented default. Despite some positive signs, the two sides do remain far apart on how to rein in the federal deficit, with GOP calls for entitlement reform not landing at the White House.

Just last week, President Biden pushed back on tougher work requirements for accessing welfare. Stocks may largely be ignoring the turmoil, but it's a different story in the bond market. Yields on short-dated debt like four-week Treasury bills and the two year bond both have been climbing.

And Zoom shares struggling to hold on to yesterday's gains as the COVID era winner initially rallied after raising full-year forecasts for both revenue and profit. Now, despite what appeared to be a strong report, shares [INAUDIBLE] gains perhaps due to softer implied guidance for the enterprise division.

The video conferencing platform has seen growth going down since the heady days of 2020. Shares have plummeted from their highs, not just to their lowest since the pandemic, it's actually to their lowest since April 2019 as Zoom faces increased competition from rivals like Microsoft and Cisco. We'll hear from CFO Kelly Steckelberg later this hour.