The US stock market and the reporting of American companies

US stock indexes closed in the red on Tuesday, as market participants evaluated the minutes of the last meeting of the Federal Reserve System and financial reports of large companies.

From the minutes of the FOMC meeting, which ended on November 1, it became known that the leaders of the Federal Reserve are concerned about a possible acceleration of inflation in the United States due to economic growth.

As a result, the Dow Jones Industrial Average dropped 0.18% to 3,5088.29 points. The leaders of the decline in the index were Intel Corp. shares, which fell by 2.5%.

The value of the Standard & Poor's 500 decreased by 0.2% to 4,538.19 points.

The Nasdaq Composite lost 0.59% to 14199.98 points.

Reporting of American companies:

Shares of Zoom Video Communications declined 0.1%, despite the fact that the company tripled its net profit in the third quarter of fiscal 2024 and raised its annual forecast.

Lowe's Cos, a chain of home goods stores. It increased its net profit by more than 11 times in the last fiscal quarter, but its revenue did not meet market expectations, as a result of which the share price fell by 3.1%.

Hibbett Inc. (formerly Hibbett Sports Inc.) noted a 10% increase in the value of its shares, as the company slightly reduced revenue last quarter, but raised its annual net profit forecast.

Best Buy Co. shares fell by 0.7%, as the electronics retailer reduced revenue by 7.8% and lowered its annual forecasts.

Shares of clothing retailer Abercrombie & Fitch Co. rose 2.4% after publishing strong quarterly reports.

American Eagle Outfitters Inc. also exceeded expectations for net profit and revenue, but its forecast for the current period disappointed investors, and the company's shares declined by 15.8%.

Semiconductor manufacturer Analog Devices in the fourth fiscal quarter reduced its net profit by almost half and reduced revenue by 16%, and also gave a weak forecast for the current financial quarter, which led to a decrease in capitalization by 1.4%.

Shares of pharmaceutical company Merck & Co. rose 0.5% on news of the purchase of Caraway Therapeutics for $610 million, a company developing drugs for rare genetic diseases.