Major stock indexes were slightly higher in early-afternoon trading Wednesday, as investors digested earnings reports from retailers and await the release of minutes from the Federal Reserve’s most recent meeting on interest rates.
The S&P 500 and Nasdaq Composite were each up 0.3%, while the Dow Jones Industrial Average was up 0.1%. On Tuesday, the S&P 500 and Nasdaq snapped eight-session winning streaks as markets took a breather amid a rally that has been fueled by optimism about the continued strength of the U.S. economy and the likelihood the Fed will cut interest rates soon.
The big event of the week for market participants comes Friday, when Fed Chair Jerome Powell will deliver eagerly anticipated remarks at the central bank’s annual Jackson Hole Economic Symposium. Investors will be looking for Powell to confirm that the Fed is poised to start cutting interest rates at its September policy meeting.
On Wednesday afternoon, at 2:00 p.m. ET, the Fed will release the minutes from its late-July meeting, when policymakers opted to leave its benchmark fed funds rate at its highest level since 2001. Investors will be looking for details on how policy committee members viewed progress on inflation and the recent weakening in the labor market, for a sense of how aggressively the Fed might ease policy.
Among stock movers on Wednesday, shares of Target (TGT) were up 13% after the retailer delivered strong quarterly results and lifted its profit outlook. Shares of Macy’s (M) were down 13% after a disappointing earnings report.
Large-cap tech stocks were mixed, with Nvidia (NVDA), Amazon (AMZN), and Meta Platforms (META) rising, while Apple (AAPL) was little changed, and Microsoft (MSFT) and Alphabet (GOOGL) retreated.
The yield on 10-year Treasurys, which is sensitive to expectations around interest-rate cuts, moved to 3.78%, its lowest level in more than two weeks.
Gold futures were down slightly at around $2,550 an ounce, after hitting fresh record highs on Tuesday, while bitcoin was up slightly and approaching $60,000.
S&P 500, Dow Back Near Record Highs
2 hr 37 min ago
As the S&P 500 and Dow Jones Industrial Average inch higher on Wednesday, it’s worth noting that the major indexes are once again approaching their record highs.
The S&P 500 is 1% below the all-time closing high it recorded on July 16.
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The Dow is just 0.8% away from its July 17 record.
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Macy’s Plunges on Weak Sales, Lowered Outlook
3 hr 23 min ago
Macy’s (M) shares tumbled Wednesday after the retailer reported a decline in second-quarter sales and lowered its full-year revenue outlook.
The biggest U.S. department store chain operator said revenue fell 3.8% year-over-year to $4.94 billion, missing consensus estimates. Adjusted earnings per share (EPS) of $0.53 were better than forecasts.
CEO Tony Spring said that Macy’s faced a “challenging consumer environment, but said the retailer exhibited “effective expense control throughout the organization.”
Sales at its Macy’s stores tumbled 4.4%, while they fell 0.2% at Bloomingdale’s. Bluemercury sales increased 1.7%. Merchandise inventories were up 6.0%, higher than the company expected, which the company blamed on the soft sales and “the decision to invest into areas of strength for the second half of 2024.”
Macy’s noted that it updated its outlook because of a “more discriminating consumer and heightened promotional environment relative to its prior expectations.” The retailer now sees full-year net sales of $21.2 billion to $22.4 billion, down from the previous $22.3 billion to $22.9 billion. It anticipates adjusted EPS to be unchanged from the earlier $2.55 to $2.90.
Macy’s shares were down 14% in recent trading, near their lowest point of 2024.
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Target Soars on Strong Earnings, Boosted Outlook
4 hr 40 min ago
Target (TGT) shares jumped in early trading Wednesday after the retailer reported better-than-expected second-quarter earnings and lifted its full-year profit forecast.
Target posted second-quarter revenue of $25.42 billion, up 2.6% year-over-year, while net income jumped 40% to $1.19 billion, as the retailer’s cost-cutting efforts pay off.
After comparable store sales declined year-over-year in the first quarter, the metric returned to growth in the second quarter, with comparable store sales up 2% from the same time last year. Target also said discretionary sales trends “continued to improve meaningfully” in the quarter, led by growth in categories like apparel and beauty.
For the full year, Target said it expects full-year comparable sales on the low end of its initial flat-to-2% growth projection, but lifted its EPS projection to a range of $9 to $9.70, compared to $8.60 to $9.60 previously.
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Target shares were up 15% shortly after the opening bell.
Stocks Futures Point to Higher Open for Major Indexes
5 hr 48 min ago
Futures tied to the Dow Jones Industrial Average were up 0.2%.
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S&P 500 futures were also up 0.2%
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Nasdaq 100 futures were up 0.1%.
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