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Wall St jumps with technology, energy; Target news weighs on retailers

  • Target’s margin cut hits some retail stocks
  • Kohls climber on sale talks to Franchise Group
  • Indices: Dow up 0.8%, S&P 500 up 1%, Nasdaq up 0.9%

NEW YORK, June 7 (Reuters) – US stocks rose late on Tuesday to end higher for the second day in a row as technology and energy stocks rose, while Target Corp’s warning of excess inventory weighed on retail stocks for much of the session.

Apple Inc (AAPL.O) shares climbed 1.8% despite news earlier in the day that the company must change contact on iPhones sold in Europe by 2024 after EU countries and lawmakers agreed on a single charging port for mobile phones, tablets and cameras.

The S&P 500 Technology Index (.SPLRCT) rose 1%, giving the benchmark the largest increase. Microsoft Corp (MSFT.O) shares increased 1.4%.

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The S&P 500 energy sector index (.SPNY) jumped 3.1% and ended at its highest level since 2014, with oil prices sharply higher.

At the same time, the shares of Target Corp (TGT.N) fell 2.3% after the dealer said they had to offer deeper discounts and cut back on the inventory of discretionary goods. read more

Stock trading was choppy, with indices down early in the day, but the market has recovered from the recent steep losses.

Recently, “we’ve had a nice upswing … and investors are generally feeling better right now. But we’re very much in a seesaw market that we’ve seen all year,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

“At some point we will put a bottom, and the market will move higher. We have a hard time believing that it is soon, given a number of fundamental problems that overhang the market,” he said. “What we have seen today from Target is certainly not good news for the consumer.”

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, USA, June 1, 2022. REUTERS / Brendan McDermid

Long-term yields on US government bonds fell after the Target news, as there was some speculation that the worst inflation may have been in the past.

The Dow Jones Industrial Average (.DJI) rose 264.36 points, or 0.8%, to 33,180.14, the S&P 500 (.SPX) gained 39.25 points, or 0.95%, to 4,160.68 and The Nasdaq Composite added 6.13IC. 0.94% to 12 175.23.

Shares of Walmart (WMT.N) fell 1.2%, and the S&P Retail Index (.SPXRT) fell 1%.

Consumer price data on Friday is expected to show that inflation remained high in May, although core consumer prices, which exclude the volatile food and energy sectors, were likely to fall on an annual basis.

Not all dealers were in the red. Kohl’s Corp (KSS.N) shares rose 9.5% after news that the department store chain entered into exclusive talks with store operator Franchise Group Inc (FRG.O) about a potential sale that will value it at almost $ 8 billion. read more

Advanced issues were more than falling on the NYSE with a ratio of 2.36 to 1; on the Nasdaq favored a ratio of 1.69 to 1 advance.

The S&P 500 posted 3 new 52-week highs and 30 new lows; The Nasdaq Composite recorded 35 new highs and 121 new lows.

Volume on US stock exchanges was 10.38 billion shares, compared to the average of 12.50 billion for the entire session over the last 20 trading days.

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Reporting by Caroline Valetkevitch in New York Further reporting by Devik Jain, Susan Mathew, Mehnaz Yasmin in Bengaluru Editing by Maju Samuel and Matthew Lewis

Our standards: Thomson Reuters Trust Principles.

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