Here's what investors need to keep an eye on in the markets Tuesday.
Home Depot Earnings
The company reported diluted earnings for the three months ending on May 5 came in at $2.27 per share, up 9.13% from the same period last year and 9 cents ahead of the consensus Street forecast. Group revenues rose 6% to $26.4 billion, just ahead of analysts' forecasts. Home Depot also said same-store sales in the U.S. rose 3% from last year.
"We were pleased with the underlying performance of the core business despite unfavorable weather in February and significant deflation in lumber prices compared to a year ago," said CEO Craig Menear. "Looking ahead, we remain excited about the momentum we are seeing with our strategic investments."
Nike, Under Armour and J.C. Penney Have a Presidential Pen Pal
Nike (NKE) - Get NIKE, Inc. (NKE) Report , Under Armour (UA) - Get Under Armour, Inc. Class C Report , J.C. Penney (JCP) - Get J. C. Penney Company, Inc. Report and other athletic apparel and shoemakers penned a letter to Donald Trump and other White House advisers to urge the White House to reconsider tariffs placed on footwear made in China.
The group said that the tariffs could end up costing $7 billion in additional costs, which would be passed on to the American consumer.
"There should be no misunderstanding that U.S. consumers pay for tariffs on products that are imported," the letter read. "As an industry that faces a $3 billion duty bill every year, we can assure you that any increase in the cost of importing shoes has a direct impact on the American footwear consumer."
Retail Round Up
TJX (TJX) - Get TJX Companies Inc Report , Kohl's (KSS) - Get Kohl's Corporation (KSS) Report and J.C. Penney (JCP) - Get J. C. Penney Company, Inc. Report all released earnings before the bell Tuesday.
TJX said earnings for the three months ending on May 4 came in at 57 cents per share ahead of analyst expectations of 55 cents per share.
Kohl's also reported earnings.
Kohl's reported adjusted earning came in at 61 cents per share, and shy of analyst expectations of 68 cents per share. Group sales, Kohl's said, fell to $4.087 billion but beat analysts' forecasts of $3.97 billion.
Same-store sales fell 3.4% from last year.
The company also cut its earnings guidance for the 2020 fiscal year to $5.15 to $5.45.
And, finally, J.C. Penney's earnings.
J.C. Penney posted an adjusted net loss of $154 million, or 48 cents a share. Analysts at FactSet had been expecting a loss of 39 cents a share.