Down Four Days in a Row

Yesterday, the stock market officially closed in correction territory, meaning down more than 10%, and it’s down again today. We’re very close to yesterday’s low. This could be our fourth down day in a row.

This morning, TJX bombed its earnings report. The retailer earned 78 cents per share versus estimates of 91 cents per share. The stock is down about 5% to a new 52-week low.

Thanks to the TJX report, shares of Ross Stores (ROST) are down as well. As usual, Wall Street assumes that if one company is having difficulties, then its competitors must be as well. Oddly enough, Ross is currently down more than TJX.

There’s no big economic news today, but tomorrow we’ll get jobless claims and a revision to the GDP report.

Posted by on February 23rd, 2022 at 2:24 pm


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