Macy’s Drops 16% Despite Strong Quarterly Sales

Alexis Melvin, associate at Adviser Investments, has the market analysis for Wednesday, August 15. The Dow Jones Industrial Average, S&P 500 and NASDAQ Composite rebounded slightly from steep losses earlier in the day but still closed with respective declines of 0.5%, 0.7% and 1.2%. Despite raising its full-year forecast and beating expectations with strong quarterly sales, Macy’s dropped 16% on concerns about delivery and promotional expenses. Meanwhile, the Commerce Department released its retail sales data for July, revealing a 6.4% year-over-year increase.