NEW YORK (AP) — The stock market fell on Wednesday as a poor earnings report from Macy’s cast doubt on the outlook for consumer spending, a vital component of the U.S. economy. Other department store stocks also fell after Macy’s reported disappointing earnings for the second quarter.
The stock market’s early summer rally has fizzled out after a strong July, and August is shaping up to be a lackluster month as many traders and investors take their summer breaks. The major indexes have drifted lower in the past week after climbing to all-time highs at the start of the month.
Consumer discretionary stocks in the Standard & Poor’s 500 index, which include clothing retailers and restaurant chains, have fallen in the past month. Makers of consumer staples have also dropped.