Nordstrom shares give up gains, after warning on slowing sales trends and a ‘cautious’ consumer

Shares of Nordstrom Inc. turned lower after hours on Thursday after management for the upscale department-store chain warned that sales had “decelerated” at its namesake and off-price Nordstrom Rack stores, as consumers wrestle with higher prices and higher borrowing costs.

The stock was down 4.3% after hours on Thursday, after initially rallying by that much in the minutes after the release of Nordstrom’s JWN second-quarter results, which topped Wall Street estimates.

“We…