U.S. stocks struggle to find direction as Macy’s, Lowe’s and technology stocks trim losses. By Investing.com

Investing.com– U.S. stocks traded higher and lower on Tuesday as deep buyers helped cut technology losses and better-than-expected quarterly results from Macy’s and Lowe’s lifted retail stocks.

It was down 92 points, or 0.2%, up 0.2% and up 0.4% by 15:29 ET (20:29 GMT).

Major retailers Macy’s and Lowe’s rise after earnings beats

Lowe’s (NYSE:) got the ball rolling Tuesday morning and reported fourth-quarter net sales that topped Wall Street estimates despite a continued slowdown in spending on home improvement projects. The stock rose nearly 2%.

Shares of Macy’s (NYSE:) rose 4% after the Bloomingdale’s owner announced a strategy overhaul to create a “more modern” business. Macy’s is struggling with weak demand as high inflation and interest rates discourage shoppers and reduce spending. Random items.

The two reports are TJX Companies (NYSE:) and Best Buy (NYSE:) is scheduled to report quarterly results this week.

Consumers showing signs of trouble; Fed speakers continue to urge caution about cutting interest rates.

Consumer confidence in February unexpectedly fell to 106.7 from 110.9 the previous month, hitting a three-month low. This is because the impact of inflation continues to weigh on consumers.

“Consumer confidence is declining, similar to how businesses are reducing investment amid a still positive but uncertain outlook for the economy and monetary and fiscal policies,” Stifel said.

Meanwhile, commercial airline reservations plunged in January, falling more than expected, down 6.1% last month.

Federal Reserve officials continue to urge caution about cutting interest rates too quickly, according to both reports.

In his first public speech that day, Kansas City Federal Reserve Bank President Jeffrey Schmid said, “I don’t think there is a need to preemptively adjust policy stance in a situation where inflation is above target, the labor market is tight, and demand is showing significant momentum.” . It’s the Monday since I started working last August.

Zoom in on bright areas of technology. Unity software lacks Workday guidance

Zoom (NASDAQ:) rose 7% after reporting stronger-than-expected earnings and announcing a $1.5 billion share buyback. “The risk of large-scale M&A can be reduced through share buybacks to offset dilution,” UBS said in a note.

Unity Software (NYSE:) fell 6% after the video game software maker reported weaker-than-expected guidance amid a turnaround plan that includes exiting some businesses.

Workday (NASDAQ:) left its subscription sales guidance unchanged despite the rise in its top line, “as we expect operating margin expansion to slow in FY25 due to significantly higher net new opex to support durable growth.” percent down, Oppenheimer said.

Energy stocks fall despite rising oil prices amid renewed hopes of extending OPEC+ production cuts

Energy stocks fell due to weakness in Hess Corporation (NYSE:). chevron Corp (NYSE:) and Phillips 66 (NYSE:) even as oil prices rose after Reuters reported that OPEC and its allies, or OPEC+, are considering extending voluntary oil production cuts into the second quarter.

OPEC+ agreed in November last year to voluntarily reduce production by a total of 2.2 million barrels per day in the first quarter of this year, but there were significant differences of opinion among member countries over production limits.

(Peter Nurse Ambar Warrick contributed to this article.)