Why Nordstrom Stock Slipped Today
A day after shares of Nordstrom (NYSE: JWN) surged on a better-than-expected earnings report, the stock was giving back some of those gains today. The market broadly fell following China's announcement of $75 billion worth of retaliatory tariffs on the U.S. and comments from President Trump urging American companies to stop doing business with China and to instead manufacture products in the U.S. Trump also ripped into Fed chief Jerome Powell because he seems to think Powell isn't doing enough to stimulate the economy.
The news shook investors and pushed the S&P 500 down 2.5% as of 3:35 p.m. EDT on Friday. The SPDR S&P Retail ETF was down 3.9% at that time, and Nordstrom, which has been a particularly volatile stock of late, had fallen 6%.
Nordstrom Rack, the chain's discount outlet. Image source: Nordstrom.
Source Fool.com
