Top Stock Movers Now: Target, Lululemon, TJX, and More

Key Takeaways

• U.S. equities were lower in intraday trading Wednesday, May 22, 2024 following the release of minutes from the latest Fed meeting and ahead of Nvidia's earnings after the bell.
• Target shares tumbled after the retailer reported its revenue declined as inflation led consumers to pull back on discretionary spending.
• Analog Devices said it is seeing a cyclical recovery in its business, and shares traded at a record high.

U.S. equities were lower in intraday trading Wednesday following minutes from the latest Fed meeting that raised concerns about inflation and ahead of hotly anticipated earnings from Nvidia ( NVDA ). The Dow, S&P 500, and Nasdaq were all lower.

Nvidia shares lost ground ahead of the chipmaker's earnings report set for release after the close of trading . They have nearly doubled so far this year as the artificial intelligence (AI) chipmaker has benefited from surging demand for AI.

Shares of Target ( TGT ) slumped after the retailer’s sales and profit declined as inflation-weary shoppers pulled back on discretionary spending.

Lululemon Athletica ( LULU ) shares sank after the maker of workout apparel announced an organizational shakeup , including the resignation of its chief product officer.

Analog Devices ( ADI ) shares traded at an all-time high after the semiconductor maker’s profit, sales, and guidance exceeded estimates as the company anticipates a cyclical recovery ahead.

Also hitting a record high were shares of TJX ( TJX ) as the discount retail chain beat earnings expectations and raised its guidance as sales improved at all of its divisions.

First Solar ( FSLR ) shares surged for a second-straight session as analysts raised their price target for the stock . UBS called the solar power firm an AI play, while Piper Sandler pointed to industry tailwinds helped by solar provisions in the Inflation Reduction Act .

Oil and gold futures fell. The yield on the 10-year Treasury note was up slightly. The U.S. dollar gained on the euro and yen, but dropped versus the pound. Most major cryptocurrencies traded lower.

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