The IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.Economyread more
Citigroup thinks Tesla investors hoping for a post-earnings rally later this week should scrutinize a pair of related financial metrics.Investingread more
Olive branches were extended from both China and the U.S. as the two nations are set to restart face-to-face trade negotiations after a monthlong truce.Marketsread more
Coca-Cola topped Wall Street's expectations for earnings and revenue.Food & Beverageread more
New disclosures show Facebook and Amazon each spent more than $4 million on lobbying activity in the second quarter of 2019.Technologyread more
Boris Johnson, one of the biggest voices in the Brexit movement, wins the Conservative Party leadership race by a 2-1 margin.Europe Politicsread more
Disney can nearly double its earnings by 2024, Morgan Stanley said in a note to clients on Tuesday.Investingread more
Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
The largest residential brokerage company in the U.S. is partnering with the largest online retailer in a strategy to boost sales for both.Real Estateread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
Even Amazon wasn't immune, following the group as its shares fell 1.9 percent to $1,882.62 a share.
Retailers are grappling with higher commodity costs and tariffs as the Trump administration escalates its trade war across the globe. Stores are also struggling to grow sales amid declining foot traffic and increased competition online. The broader markets were similarly down for the day.
Macy's shares tumbled even after the department store operator reported quarterly earnings and sales that topped analysts' expectations and hiked its forecast for the full year.
"Macy's is certainly playing a role across the entire department store sector [sell-off], but the investor skittishness may be due more to caution on the retail sector's sharp spike upwards in stock prices this year, than to any performance issue at Macy's," Customer Growth Partners President and founder Craig Johnson told CNBC.
According to Jefferies analyst Randal Konik, retail stocks for the most part have had a "great run" so far this year, so Wednesday's sell-off should be viewed as "just a breather."
The National Retail Federation released an upbeat report Wednesday, saying that July retail sales rose 0.4 percent on a seasonally adjusted basis from June and increased 4.9 percent on an unadjusted basis year over year, giving the industry a solid kickoff for the third quarter as consumers continued to spend despite concerns about the growing trade war.
"Consumer spending is the backbone of the current economic expansion but the fly in the ointment is uncertainty regarding tariffs," said Jack Kleinhenz, chief economist at the NRF. "If they escalate, they will no doubt weigh on confidence and household spending."
— CNBC's Lauren Hirsch contributed to this article.