Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Stock Market Today: Dow ends higher as Target rally pushes retailers higher

Published Nov 15, 2023 11:42 Updated Nov 15, 2023 21:08
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
NDX
+1.44%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US500
+0.80%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+0.23%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TGT
+1.56%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ESH24
+0.83%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
1YMH24
+0.25%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com -- The Dow closed higher Wednesda after data showed inflation continues to ease and a rally in Target pushed retailers higher following better-than-expected third-quarter results. 

At 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was up 163 points or 0.5%, while the S&P 500 was up 0.2% and the NASDAQ Composite was up 0.1%.

Inflation shows further signs of cooling, retail sales slows as consumer rein in spending

Producer prices slowed to a pace of 1.3% in the 12 months through October from a 2.2% increase in September, missing expectations for a rise of 1.9%, adding further optimism that the deflation trend is set to continue just a day after a consumer inflation for October also showed a deeper than expected slowdown.

Optimism over an ongoing slowdown in inflation continued to support bets that Fed's rate hiking cycle is over, potentially paving the way for rate cuts as soon as the first half of next year.

Also adding to bets on sooner rather later Fed cuts, October retail sales fell 0.1%, missing expectations for a 0.3% drop, though economists pointed to the marked decline from strong retail sales print in Q3. 

"The consumer spent money like there was no tomorrow in Q3, and the retail sales data for October suggest that they broadly paused at the outset of Q4,"Jefferies said in a note. 

Target rally on Q3 beat sparks jump in retailers

Retailing giant Target (NYSE:TGT) beat profit expectations, as same store sales fell 4.9%. Its guidance for the fourth quarter was in line with expectations. Its shares closed nearly 18%.

Retailers rose more than 2%, though discount retailer TJX Companies Inc (NYSE:TJX), down 3%, bucked the trend higher despite reporting Q3 results that beat on both the top and bottom lines, with same store sales rising 6%.

Beyond earnings-related moves, retailers were also supported by a more than 3% rise in VF Corporation (NYSE:VFC) after JPMorgan upgraded its rating on the apparel company to neutral from underweight, citing an improved risk to reward. 

Tech stocks take breather following recent melt-up

Tech stocks took a breather following a rally a day earlier amid weakness in Meta Platforms Inc (NASDAQ:META), though Microsoft Corporation (NASDAQ:MSFT) ended flat despite launching its own chip, Maia 100, for AI that is expected to compete with Nvidia as demand for hardware to power artificial intelligence gathers pace.  

NVIDIA Corporation (NASDAQ:NVDA), which closed a record high a day earlier, fell 2% to snap its 10-day winning streak. 

Oil slips ahead of EIA inventories

Energy stocks were dragged lower by falling oil prices following weekly U.S. crude inventory showing a much higher than expected increase in U.S. crude stockpiles.   

Halliburton Company (NYSE:HAL), Diamondback Energy Inc (NASDAQ:FANG), Schlumberger NV (NYSE:SLB) were among the biggest delincers in the energy sector.

-- Liz Moyer, Peter Nurse contributed to this report.

Stock Market Today: Dow ends higher as Target rally pushes retailers higher
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email