Stock market today: Wall Street drifts around its records as quiet trading continues
U.S. stocks are drifting around their records, continuing a dayslong run of quiet trading
NEW YORK — U.S. stock indexes are drifting around their records Wednesday, continuing a dayslong run of quiet trading.
The S&P 500 flat, a day after setting its latest all-time high. The Dow Jones Industrial Average was down 14 points, or 0.1%, as of 9:57 a.m. Eastern time. The Nasdaq composite was up 0.1% after setting its latest record.
Target tumbled 8.7% after the retailer reported profit for the latest quarter that fell short of analysts’ expectations. It also gave forecasted ranges for upcoming profit where the midpoints fell below analysts’ estimates, as it said customers are holding back on purchases of non-essentials. Earlier this week, Target said it was cutting prices on thousands of everyday basics to entice customers struggling with still-high inflation.
Lululemon Athletica sank 7.3% after it said its chief product officer, Sun Choe, is leaving the company this month to “pursue another opportunity.” The company announced a new organizational structure where it won’t replace the role of chief product officer.
They helped to counter a 27.3% leap for Petco Health & Wellness, which reported results and revenue for the latest quarter that were better than analysts feared.
TJX, the off-price retailer of apparel and home goods, rose 6.2% after topping profit expectations. The company behind TJ Maxx and Marshalls also raised its forecast for earnings per share over the full year, saying its prices are helping to attract customers.
The day’s headline profit report will come after trading closes for the day. That’s when analysts expect Nvidia to deliver its latest blockbuster quarter of growth thanks to surging demand for chips
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