Target to report, VinFast's market debut - what's moving markets
Investing.com — U.S. stock futures inch into the green, hinting at a recovery from declines in the preceding session, as investors looked ahead to results from big-box retailer Target . Elsewhere, private equity TPG reportedly approaches EY over purchasing a stake in the financial services group's consulting arm, while VinFast's backdoor listing sees the value of the Vietnamese electric vehicle start-up climb above U.S. car giants Ford and General Motors.
1. Futures rise after declines on Wall Street
U.S. stock futures pointed higher on Wednesday, stabilizing after shares on Wall Street slipped in the prior session, with investors digesting stronger-than-projected retail sales figures and awaiting the release of earnings from retail chain Target.
At 05:21 ET (09:21 GMT), the S&P 500 futures contract gained 9 points or 0.19%, Dow futures jumped by 63 points or 0.18%, and Nasdaq 100 futures added 36 points or 0.24%.
All three of the main indices closed lower on Tuesday following new data that showed the value of U.S. retail purchases rose by 0.7% month-on-month in July, up from 0.3% in June and above estimates of 0.4%. Some traders took the number as a sign that Federal Reserve policymakers could leave borrowing costs higher for longer to keep recently cooling inflation on the downward path.
A Fitch analyst also told CNBC that the agency may soon announce rating downgrades of several U.S. banks, including JPMorgan Chase (NYSE:JPM). Financial sector stocks dropped on the report, while the KBW Bank index declined by 2.8%.
2. Target to report with sales in focus
The resilient retail sales report may come at an opportune time for America's big-box retailers, many of whom have struggled to entice inflation-hit customers into
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