Macy’s Drops 6% Despite Beating Expectations

Rick Winters, vice president at Adviser Investments, has the market analysis for Wednesday, November 14. The Dow Jones Industrial Average and S&P 500 fell 0.8% and the NASDAQ dropped 0.9%. Apple’s stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. declined an additional 2%, reducing its market cap to around $885 billion, down from $1.1 trillion in October. Meanwhile, Macy’s surpassed third-quarter earnings expectations and raised guidance for the holiday shopping season. Despite the strong report, Macy’s stock closed down 6% yet remains up more than 35% this year.