U.S. Stocks Rebound, Retail Companies Facing Inflation Woes | Moovin Stonks
Good morning, traders. Happy Wednesday. The market is advancing again after pulling back from a nearly ten day climb Tuesday. Retail earnings this morning came in mixed, the DNC is still roaring on in Chicago.
My name is Kevin Travers; here are stories moooving on the U.S. stock market today.
Target Corporation $Target (TGT.US)$ climbed 12% Wednesday after reporting Q2 results that exceeded expectations and boosted its full-year profit. EPS rose 40% year over year on revenue of $25B. It was the highest gainer on the S&P 500.
In contrast, Macy's $Macy's (M.US)$ fell 13% and trimmed its full-year guidance reporting its own earnings Wendsday, saying that sales slipped 3.8% to $4.94 billion, below estimates of $5.05 billion.
American Express $American Express (AXP.US)$ fell 2%, the lowest reaching stock on the Dow, after it received a downgrade from Bank of America analysts based on current consumer spending expectations.
$PagSeguro Digital (PAGS.US)$ PagSeguro fell 11%, the lowest on the Russell 2000 after the firm reported earnings.
Walmart $Walmart (WMT.US)$ sold its entire stake in Chinese e-commerce firm JD.com $JD.com (JD.US)$, sendingthe stock falling 6%. Bloomberg News reported that Walmart sold 144.5 million shares for $24.95 per share, or about $3.6 billion.
$PROCEPT BioRobotics (PRCT.US)$ Property BioRobotics was the highest climber on the Russell 2000, up 17% after the firm announced an FDA clearance for its new surgical robotics 'HYDROS system.'
In earnings, investors are still waiting for $Snowflake (SNOW.US)$ and $Zoom Video Communications (ZM.US)$ Later Today.
$Crude Oil Futures(NOV4) (CLmain.US)$ climbed from two-week lows of about 50 bps, following an EIA Crude Oil inventory report that said U.S. Firms cut supply in the last week by 4.6M barrels.
$Bitcoin (BTC.CC)$ climbed to $59k hovering near the $60k level still, Gold pulled back from its high. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell, and remained below 4%, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell.
The market climbed after feeling the first day of pullback in nearly two weeks on Monday.
Just past 10:50 am ET the $S&P 500 Index (.SPX.US)$ climbed 0.32%, the $Dow Jones Industrial Average (.DJI.US)$ traded falt, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.34%.
Investors are digesting comments made during the Democratic National Committee, where the Harris campaign made public their plans to combat price gouging, subsidize housing, and raise the corporate tax rate 7% to 28%. Presdient Barack Obama and Joe Biden made an appearance.
On Macro Wednesday, the market digested another big cut in crude oil inventories and awaits the 2 pm ET release of FOMC meeting minutes from last month, which might illuminate how the committee feels about future rate cuts.
Investors are also awaiting Powell's speech in macroeconomics at Jackson Hole this Friday at 10 am ET; catch it live on moomoo with our broadcast and commentary.
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Yesterday, users were screaming and yelling about the election: things are heating up. When not arguing about which candidate is worse, users watched Oil demand and tech companies like fan favorite $NVIDIA (NVDA.US)$.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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72075643 : Hello
73842510 : nice summary to start the day.
Laine Ford : like are the stock I see
Robert Mann639 72075643 : Hi
74267684 : missed the boat
jimmy the trader : Howdie
103677010 : noted