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Earlier on Wednesday, a report that China is considering devaluing its currency sent ripples through global stock markets and boosted the dollar (DX=F). The potential move is seen as a response to higher tariffs promised by President-elect Donald Trump, as a weaker yuan (CNHUSD=X) could make Chinese exports cheaper.
On the corporate front, Macy's (M) stock sank 8% in pre-market trading after the department store chain lowered its full-year profit guidance. The retailer released its third-quarter results after delaying the report while it investigated an employee hiding up to $154 million in expenses.
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