Shares of the home goods retailer Bed Bath & Beyond (NASDAQ: BBBY) plunged more than 20% on Wednesday following the release of disappointing first-quarter earnings results.
The sneaker giant Nike (NYSE: NKE) delivered better-than-expected financial results for the fourth quarter on Monday after market close. “Nike’s results this fiscal year are a testament to the unmatched strength of our brands and our deep connection with consumers," Nike CEO, John Donahoe said.
Major stock markets around the world started the week on a positive note. However, many market participants continue to digest the shift of focus away from inflation and back to the economic slowdown. However, this will be an exciting week as the European Central Bank will host a forum in Portugal.
Crude oil prices remained under pressure in the last three weeks and reached the fresh monthly lows on Wednesday as investors worried that aggressive U.S. interest rate hikes could trigger recession denting fuel demand.
Global stocks and commodities tumbled last week after the major central banks including the US Federal Reserve and Swiss National Bank have turned extremely hawkish. This week inventors anxiously awaiting the FED chair Powell's Testimony.