Wall Street saw another day of nervous trading as investors assessed the likelihood of conflict with North Korea. Severe flooding in Houston and surrounding regions was also top of mind. Consumer confidence strengthened in August, sitting just below a 16-year high set in March. Economists had expected optimism to weaken slightly this month even with strong gains in the labor market and record highs for stocks. Best Buy Co. Inc. (BBY) was the worst performer on the S&P 500 even after besting second-quarter estimates. Same-store sales rose over 5%, more than double an expected increase. The electronics retail chain also increased full-year sales guidance. Movado Group (MOV) rocketed higher after blasting past quarterly estimates. Adjusted earnings of 43 cents a share came in 20 cents higher than expected. Movado also authorized a new share repurchase plan.
Citi overcame a mixed print to send its stock surging on Monday.
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