The Wall Street Journal: Macy’s, Nordstrom lower outlooks as consumer spending expected to slow

October 19, 2022

Macy’s Inc. and Nordstrom Inc. became the latest retailers to lower their financial goals for the year, citing risks of a steeper economic downturn and slowdown in consumer spending.

Macy’s
M,
+4.00%,
the biggest U.S. department-store chain, on Tuesday said it was also adjusting its forecast to reflect markdowns and promotions the company thinks will be needed to get rid of old inventory.

Futurist Eric Fry says it will be a “Summer of Surge” for these three stocks

One company to replace Amazon… another to rival Tesla… and a third to upset Nvidia. These little-known stocks are poised to overtake the three reigning tech darlings in a move that could completely reorder the top dogs of the stock market. Eric Fry gives away names, tickers and full analysis in this first-ever free broadcast.

Watch now…