It was earnings week for some of the most popular retailers in the US. Best Buy (BBY) reported lower sales for its fiscal first quarter and the retailer cut its outlook for the year, citing softer demand that doesn’t appear to be letting up. Best Buy said it now anticipates full-year revenue ranging between $48.3b-49.9b, compared with a prior outlook of $49.3b-$50.8b. There is lower demand for TVs and computers, making it the latest major retailer to underline the impact of 40-year high inflation on shoppers' spending power.

Elsewhere, popular clothing brand Abercrombie & Fitch (ANF) saw its shares fall 29% after the retailer reported an unexpected loss for its fiscal first quarter, with freight and product costs weighing on sales. Abercrombie also slashed its sales outlook for fiscal 2022, anticipating that economic headwinds will remain at least through the end of the year.

Meanwhile, youth apparel giant Urban Outfitters (URBN) saw shares initially drop 1.7% after the retailer reported an earnings miss. Urban Outfitters’ CEO said rising costs offset revenues. It reported fiscal first-quarter earnings of $31.5m.