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Today in the Market (9/2/2022)

Good Evening. U.S. stocks had a steep decline on Friday, giving up all of the gains made during a post-jobs data rally that occurred before the Labor Day holiday weekend.

The Dow Jones dropped by the same amount, as the S&P 500, or 1.07%. The greatest decline among the main averages was recorded by the Nasdaq, which finished the session down 1.31%.

ENDING THE WEEK OFF WITH GOOD EARNINGS

Following the release of the company’s earnings on Thursday following the close, shares of Lululemon Athletica (LULU) are on the move and up on Friday. The company’s better-than-anticipated profit and revenue figures sparked the rise. However, Lululemon’s confident outlook was what actually helped the stock soar.

  • Adjusted Earnings Per Share: $2.20 vs. $1.87 expected
  • Net Sales: $1.87 Billion vs. $1.77 Billion expected

On top of that, the corporation increased its projected earnings and revenue for 2022 over market expectations. It increased its net revenue prediction from $7.61 billion to $7.71 billion to between $7.87 billion and $7.94 billion, and it raised its adjusted per-share earnings outlook from $9.35 to $9.50 to between $9.75 and $9.90.

Going forward… With their savings from the lockdowns, customers with higher incomes have mainly ignored the effects of inflation and spent on discretionary items like clothing and bags. To maintain its athleisure-led worldwide sales boom and surpass competitors Athleta and Sweaty Betty, the firm has also tapped into its devoted clients by launching new styles, increasing its men’s collection, and entering new categories like footwear.

GET WHAT YOU DESERVE!

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A customer service dashboard was made available by the Department of Transportation so you can see exactly how much money you are owed by each airline if your flight is delayed or canceled. Just in time for Labor Day weekend, when travel is predicted to equal and possibly even surpass pre-pandemic levels.

The dashboard was created in response to a challenging summer for flyers all over the nation. Due to personnel shortages and other operational issues, US airlines have canceled or delayed more than 550,000 flights since the start of Memorial Day weekend. In June, the DOT reported receiving 5,862 airline complaints, which is a threefold increase from June 2019.

After Congress granted airlines a $50 billion pandemic bailout, the government is particularly committed to ensuring that you receive your money’s worth.

Looking ahead, if you’re already planning your winter vacation travel, Google has some booking advice for you.

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