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5 Top Stock Decliners for Tuesday Are Retail, Tech

Retail and tech stocks are falling on Tuesday as Wall Street reacts to Jerome Powell's nomination to a second term as Federal Reserve Chairman.

Stocks ended mixed Tuesday as investors reacted to supply chain concerns and President Joe Biden's decision to name Jerome Powell to a second term as Federal Reserve Chairman.

Here are some of the laggards in the stock market on Tuesday.

1. Zoom Video Communications | Down 15%

Shares of Zoom Video Communications  (ZM) - Get Zoom Video Communications, Inc. Class A Report tumbled after the video-chat company reported better-than-expected quarterly earnings but warned of a revenue slowdown as the Covid-19 pandemic wanes. Revenue increased 35% to $1.05 billion from $777.1 million in the year-earlier quarter.

2. Urban Outfitters | Down 9.3%

Urban Outfitters  (URBN) - Get Urban Outfitters, Inc. Report shares dropped after the apparel retailer’s in-store sales fell and comparable sales lagged analysts’ expectations. In-store sales fell in the mid-single digits, while online sales jumped in double digits. Same-store sales rose 14% against the FactSet analyst consensus calling for 15.2%.

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3. Best Buy | Down 12%

Shares of Best Buy  (BBY) - Get Best Buy Co., Inc. Report were sliding after the electronics retailer posted stronger-than-expected third-quarter earnings but forecast weaker same-store sales over the holiday period. Supply-chain disruptions continue to ripple through the retail electronics sector.

4. Dick's Sporting Goods | Down 4.1%

Shares of Dick's Sporting Goods  (DKS) - Get Dick's Sporting Goods, Inc. Report moved lower after the sporting-goods and outdoor retailer reported better-than-expected fiscal-third-quarter earnings. The Pittsburgh company posted earnings of $3.19 a share on revenue of $2.75 billion. Same-store sales rose 12.2% in the quarter.

5. Abercrombie & Fitch | Down 13%

Abercrombie & Fitch  (ANF) - Get Abercrombie & Fitch Co. Class A Report shares tumbled after the apparel retailer beat Wall Street's third-quarter earnings expectations, but warned that it was managing through "ongoing supply chain constraints, including production and delivery delays and elevated costs."