U.S. equities and stock exchange traded funds were mixed Tuesday after a round of lackluster earnings out of the retail segment dragged on equities.
“Equities are headed towards pause mode,” Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, told Reuters. “There continues to be concerns over geopolitics, valuations, interest rates and perhaps to a degree, seasonal fatigue.”
Meanwhile, retail companies dragged on the consumer segment, with consumer discretionary names in the S&P 500 down 0.7% Tuesday.
Shares of Dick’s Sporting Goods (NYSE: DKS) declined over 19% after same-store sales didn’t meet expectations in the latest quarter and the company also lowered forecasts for annual earnings, the Wall Street Journal reports.
Traditional brick-and-mortar stores have been suffering in the digital age as rising competition from e-commerce outlets, like Amazon (NasdaqGS: AMZN), have cut into profits.