Top Stock Movers Now: Target, Lululemon, TJX, and More

Key Takeaways

• U.S. equities were lower in intraday trading Wednesday, May 22, 2024 following the release of minutes from the latest Fed meeting and ahead of Nvidia's earnings after the bell.
• Target shares tumbled after the retailer reported its revenue declined as inflation led consumers to pull back on discretionary spending.
• Analog Devices said it is seeing a cyclical recovery in its business, and shares traded at a record high.

U.S. equities were lower in intraday trading Wednesday following minutes from the latest Fed meeting that raised concerns about inflation and ahead of hotly anticipated earnings from Nvidia (NVDA). The Dow, S&P 500, and Nasdaq were all lower.

Nvidia shares lost ground ahead of the chipmaker's earnings report set for release after the close of trading. They have nearly doubled so far this year as the artificial intelligence (AI) chipmaker has benefited from surging demand for AI.

Shares of Target (TGT) slumped after the retailer’s sales and profit declined as inflation-weary shoppers pulled back on discretionary spending.

Lululemon Athletica (LULU) shares sank after the maker of workout apparel announced an organizational shakeup, including the resignation of its chief product officer. 

Analog Devices (ADI) shares traded at an all-time high after the semiconductor maker’s profit, sales, and guidance exceeded estimates as the company anticipates a cyclical recovery ahead.

Also hitting a record high were shares of TJX (TJX) as the discount retail chain beat earnings expectations and raised its guidance as sales improved at all of its divisions.

First Solar (FSLR) shares surged for a second-straight session as analysts raised their price target for the stock. UBS called the solar power firm an AI play, while Piper Sandler pointed to industry tailwinds helped by solar provisions in the Inflation Reduction Act. 

Oil and gold futures fell. The yield on the 10-year Treasury note was up slightly. The U.S. dollar gained on the euro and yen, but dropped versus the pound. Most major cryptocurrencies traded lower. 

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