Stock market today: Live updates

Shares of Estée Lauder were last trading 7% lower on Wednesday morning.

Shares fell after the beauty company guided for fiscal 2026 adjusted earnings to come in at a range of between $1.90 to $2.10 per share, below FactSet’s consensus estimate of $2.20. The company also expects fiscal 2026 year-over-year revenue growth of 2.5%, less than the expected 2.6%.

Additionally, Estée Lauder said it expects tariff-related headwinds to impact profitability for its fiscal 2026 year by approximately $100 million.

However, for its last-quarter earnings Estée Lauder reported a slight revenue beat and adjusted earnings that were in line with expectations.

— Lisa Kailai Han

Shares of Hertz jumped more than 9.5% in early morning trading Wednesday after the company announced it will start selling pre-owned vehicles on Amazon Autos. The partnership gives the car rental company more visibility and a potential profit boost for its car sales business.

Under the partnership, customers can browse from thousands of used Hertz vehicles on Amazon Autos, e-sign the paperwork, complete their purchase online and pick up their vehicle at Hertz locations. More on the announcement here.

— Pia Singh, Ali McCadden

Lowe’s shares popped 4% in the premarket after the company’s second-quarter earnings beat expectations. The home improvement retailer earned $4.33 per share, beating an LSEG forecast of $4.24 per share.

Lowe’s also announced it is buying Foundation Building Materials for $8.8 billion in a move aimed at bolstering its home professional business.

Target shares fell 8% after the company reported another quarter in which sales declined.

The retailer said comparable store sales fell 1.9% year over year. Consumer transactions also fell 1.3%, while the average amount consumers spent on those transactions slid by 0.6%.

On top of that, Target announced longtime CEO Brian Cornell would leave his post in February. Chief operating officer Michael Fiddelke, a 20-year veteran at the company, will become chief executive on Feb. 1.

President Donald Trump’s move to grant savers greater access to alternative assets in 401(k) plans hasn’t been enough to spare private equity stocks from a rocky August.

Blackstone, KKR, Apollo and Ares Management are on pace to snap multi-month winning streaks. All four of the names are down between 2.7% and 5.7% in August, and they are also lagging the S&P 500 on a year-to-date basis.

Carlyle Group is a notable exception, tracking for its fourth consecutive monthly gain – up 3.2% in August.

The Wall Street Journal reports that some investors fear the firms will have a hard time selling their older investments at good prices in order to realize gains – and that worry could be weighing on the stocks.

— Adrian van Hauwermeiren, Darla Mercado

Long-dated government bonds of 10 years or more “have been under serious pressure at times this year,” thanks to waning demand from traditional buyers, “we doubt it’s coming back,” Capital Economics head of markets for Asia-Pacific Thomas Mathews wrote Tuesday.

The problem is that central banks themselves — as part of their move to normalize monetary policy and reduce their balance sheets — have stepped back from supporting the longer end of the market since the days of Quantitative Easing and zero interest rate policy.

“They’d provided a key source of demand for government bonds across the curve, and in many places held a very large share of the market. Demand has picked up from other sources to offset this reduction in demand from central banks. But, it hasn’t mostly been from institutions that typically purchase very-long-dated government bonds,” Mathews wrote.

“In the absence of genuine fiscal adjustment, which generally seems unlikely to us, we suspect that the very long end of the curve will remain volatile. And there’s a good chance that yields rise will again, at least for a while,” Mathews added.

— Scott Schnipper

These are some of the stocks making notable after-hours moves:

• La-Z-Boy — Shares tumbled more than 21%. The manufacturer of recliners posted earnings of 47 cents per share, excluding items, in the fiscal first quarter, while analysts polled by FactSet penciled in 53 cents. The company also gave weaker-than-expected guidance for current-quarter revenue.
• Toll Brothers — The luxury homebuilder shed 1.6% despite beating expectations on both lines for the fiscal third quarter. Toll Brothers earned $3.73 per share on $2.88 billion in revenue, while Wall Street anticipated $3.60 a share and $2.85 billion, per LSEG.

— Alex Harring

Futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed shortly after 6 p.m. ET.

— Alex Harring