Nordstrom, Inc. (NYSE:JWN) shares are trading lower by 5.40% to $22.25 Tuesday afternoon. Shares of retail and apparel companies at large are trading lower Tuesday after Walmart Inc (NYSE:WMT) cut its outlook, citing markdowns in the apparel segment.
What Happened?
Walmart Monday revised its quarterly and full-year profit guidance and said that inflation is impacting consumer sending patterns. This shift in consumer spending is causing inventory to stay on shelves longer and forcing retailers to implement markdowns… Read More
Why it Matters
The broader market, including market indexes, are also lower after Walmart cut its second-quarter and FY23 guidance amid rising inflation, which has caused broader concerns over economic health and consumer spending. Traders and investors continue to weigh economic data and the possibility of a recession.
According to data from Benzinga Pro, Nordstrom has a 52-week high of $38.48 and a 52-week low of $18.65.
