The stock market hasn't been able to keep a rally going, and after Tuesday's declines, Wall Street prepared itself for another downward open on Wednesday morning. Investors are hoping that the minutes of the latest Federal Reserve meeting will provide some insight that could point toward greater clarity on the future course of monetary policy and the economy. As of 8:30 a.m. ET, futures on the Dow Jones Industrial Average (DJINDICES: ^DJI) were down 159 points to 31,721. S&P 500 (SNPINDEX: ^GSPC) futures had fallen 22 points to 3,919, while Nasdaq Composite (NASDAQINDEX: ^IXIC) futures were lower by 84 points to 11,687.
Retail stocks have generally been a drag on the stock market lately, with even some of the largest retailers in the world seeing new pressure from inflation. This morning, Dick's Sporting Goods (NYSE: DKS) added itself to the list of retail companies seeing struggles, and its shareholders weren't pleased with what they saw. Unfortunately, the headwinds the retailer is seeing don't appear likely to let up in the near future, and other industry peers are also feeling the pinch.
Shares of Dick's Sporting Goods were down 13% in premarket trading Wednesday morning. The sporting goods retail specialist is set to fall to its worst levels in about a year and a half following its release of first-quarter financial results.
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Retail Rout Resumes as Dick's Falls Early Wednesday