NEW YORK ( TheStreet) -- The S&P 500 trended lower throughout Wednesday before closing near session lows.
Retail has shocked many investors with its recent disappointment. On CNBC's "Fast Money" TV show, Karen Finerman said that it was not a great day for shareholders of Macy's (M) after a poor earnings report.
Brian Kelly added that he was not a fan of retail, and higher gas prices will likely add to the weakness. He also said the tapering effects would hurt high-end retailers.Dan Nathan said it seemed like we made it out of the second quarter earnings season without too much pain, but weakness in high-end and teen retailers have a lot of investors second guessing. Steve Grasso suggested that the shakiness in the retail sector could just be the beginning for the overall market, especially after Cisco Systems (CSCO) delivered poor guidance in its earnings report. Regarding Cisco's earnings, Kelly said the stock had become a bellwether name once again and that it wasn't promising to see the company cut jobs in order to reach certain levels of profitability. Nathan said he would be a buyer of Cisco if it traded down to $23, which is the level the stock gapped up from on its previous earnings report. Steven Wieting, global chief strategist at Citi Private Bank, said he expects a slowdown in the markets for the second half of 2013. Stocks are near record highs, but he said he still prefers equities to fixed income although he doesn't expect returns to be as robust. Steinway Musical Instruments (LVB) was the first stock on the show's "Pops & Drops" segment after it agreed to be acquired by Paulson & Co.. Nathan said there was nothing left here for traders to go with. Grasso said hedge fund managers were scooping up names such as Freeport-McMoRan (FCX), which have been lagging the broader market, to try and make up some ground before the end of the year.