American Consumers are Pulling Back on Spending, Retail Reacts

American retailers are bracing for what could be a disappointing holiday season. Nordstrom (JWN) is the latest large retail chain to report an ugly quarter. It says its earnings fell sharply. Earlier this week, Macy's (M) said the same thing and added that inventory was building up on its shelves. Walmart (WMT) also recently warned about slowing sales and foot traffic. Applied Materials (AMAT) is seeing its profits grow. Order growth jumped 31% in the quarter. The maker of semiconductor tools got a boost from smartphones and memory chips. Cisco (CSCO) guidance disappointed. Cisco's net income rose 33% year over year to $2.4 billion, which was better than expected. Retail Sales for October are released. Producer Prices for October also reported. Today will also see Consumer Sentiment and Business Inventories.