Stock market today: Wall Street rises to claw back most of its losses for the week
Most U.S. stocks are rising in a bounce back from Wall Street’s worst day since April
NEW YORK — Most U.S. stocks are rising on Friday in a bounce back from Wall Street’s worst day since April.
The S&P 500 was up 0.6% in midday trading to trim most of its loss for the week, though it may still be heading for its first down week in the last five. The Dow Jones Industrial Average was up 49 points, or 0.1%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.9% higher.
Deckers Outdoors jumped 12.8% for one of the market's biggest gains after reporting stronger profit and revenue for the latest quarter than expected. The company behind the Hoka, Ugg and Teva brands also gave a forecast for revenue this upcoming fiscal year that was in line with analysts’ expectations.
Ross Stores was also leading the market with a leap of 8.9% after the retailer reported better profit for the latest quarter than analysts expected. That was despite its revenue only edging past expectations, as customers continue to hold back on purchases of non-essentials.
CEO Barbara Rentler said several challenges, “including prolonged inflation, continue to squeeze our low-to-moderate income customers’ purchasing power.”
Even though data on the overall, or macro, economy has been showing continued strength for spending by U.S. households, the numbers underneath the surface may not be as encouraging.
“Walmart and Target are telling us that high income consumers are doing fine, but beginning to trade down,” said Brian Jacobsen, chief economist at Annex Wealth Management. “The lower income consumer is struggling. Macro often focuses too much on the average and the average is skewed by the high-end household.”
The market got a bit of a boost Friday
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