Midday Report: Lowe's Leads Consumer Losses; Wall Street Beats Retreat After Rally

Wall Street was in retreat after enjoying its best day of the summer a day earlier. A disappointing quarter from Lowe's Cos. (LOW) - Get Report triggered losses in consumer names, while defense stocks fell back after Tuesday's rally. New home sales tumbled in July. The number of newly-built homes sold last month fell 9.4% to a seven-month low. Sales also missed analysts' estimates. Crude oil inventories dropped for their eighth straight week in a row. Domestic stockpiles fell by 3.3 million barrels in the past week, according to the Energy Information Administration. Gasoline stocks also dropped, while distillates were unchanged. American Eagle Outfitters (AEO) - Get Report surged after quarterly profit and sales came in above forecasts. The apparel retailer also reported a 2% increase in same-store sales, a surprise to analysts looking for a slight decline.