Stock market today: Wall Street holds steady after Target and other retailers top profit forecasts
U.S. stocks are holding relatively steady after more big companies delivered profit reports that topped analysts’ expectations
NEW YORK — U.S. stocks are holding relatively steady Wednesday after more big companies delivered profit reports that topped analysts’ expectations.
The S&P 500 was 0.3% higher in morning trading, a day after breaking an eight-day winning streak, its longest of the year. The Dow Jones Industrial Average was down 5 points, or less than 0.1%, as of 10:50 a.m. Eastern time, and the Nasdaq composite was 0.4% higher.
Treasury yields were also moving relatively little as investors wait for the week’s main event, which will arrive Friday. That’s when Federal Reserve Chair Jerome Powell will give a speech at an annual economic symposium. The hope is he’ll offer clues about how deeply and how quickly the Fed will begin cutting interest rates next month after it jacked them to a two-decade high to beat inflation.
In the meantime, more companies are joining a parade to deliver what looks to be the best growth in profit for S&P 500 companies since late 2021.
Target jumped 13.4% after the retailer said an important underlying measure of sales strength for the spring came in at the high end of its expectations, as traffic increased at both its stores and online. Its profit topped analysts’ estimates, and it raised its forecast for the full year.
TJX, the company behind TJ Maxx and Marshalls, rose 5.8% after it likewise reported stronger profit for the latest quarter than expected. The retailer also raised its profit forecast for the full year and said it saw increased customer transactions at all of its divisions.
They helped offset a 13.5% drop for Macy’s. The company reported better profit than analysts
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