Wall Street is jumping with technology and energy. Targeted news weighs heavily on retailers

  • Target margin cut hits some retail stocks
  • Kohl’s Climbs Sale Talks With Franchise Group
  • Indices: Dow Jones 0.8%, S&P 500 1%, Nasdaq 0.9%

NEW YORK (Reuters) – U.S. stocks rose late on Tuesday, ending higher for a second day in a row as technology and energy stocks rose, while Target Corp.’s warning about overstocks weighed on retail stocks for most of the session.

Shares of Apple Inc (AAPL.O) rose 1.8% despite news earlier in the day that the company must change the connector on iPhones sold in Europe by 2024 after EU countries and lawmakers approved a single charging port for mobile phones. Tablets and cameras.

The S&P 500 Technology Index (.SPLRCT) rose 1% and gave the benchmark index its biggest boost. And Microsoft Corp (MSFT.O) shares rose 1.4 percent.

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The S&P 500 (.SPNY) Energy Sector Index jumped 3.1% to end at its highest level since 2014, with a sharp rise in oil prices.

Meanwhile, shares of Target Corp (TGT.N) fell 2.3% after the retailer said it will have to offer deeper discounts and cut inventory of discretionary items. Read more

Stock trading has been choppy, with indexes lower early in the day, but the market has been recovering from recent sharp losses.

said Tim Greskey, chief portfolio strategist at Ingalls & Snyder in New York.

“At some point, we’re going to put an end to the market, and the market will go up. And we find it hard to believe that’s any time soon, given a number of fundamental issues overpowering the market,” he said. “Certainly what we saw today from Target is not good news in terms of the consumer.”

A trader works at the New York Stock Exchange (NYSE) in New York City, US, June 1, 2022. REUTERS/Brendan McDermid

Long-term US Treasury yields tumbled after the targeted news, as it fueled some speculation that the worst of inflation may be in the past.

The Dow Jones Industrial Average increased 264.36 points, or 0.8%, to 33,180.14 points, the Standard & Poor’s 500 increased 39.25 points, or 0.95%, to 4,160.68 points, and the Nasdaq Composite Index increased 113.86 points. , or 0.94% to 12175.23.

Walmart (WMT.N) shares were down 1.2%, and the S&P Retail Index (.SPXRT) was down 1%.

Friday’s consumer price data is expected to show that inflation remained elevated in May, although core consumer prices, which exclude the volatile food and energy sectors, are likely to decline on an annual basis.

Not all retailers were in the red. Shares of Kohl’s Corp (KSS.N) jumped 9.5% after news that the supermarket chain is in exclusive talks with retail operator Franchise Group Inc (FRG.O) over a potential sale valued at nearly $8 billion. Read more

Advance issues outnumbered declining issues on the New York Stock Exchange by 2.36 to 1; On the Nasdaq, the ratio was 1.69 to 1 in favor of advanced traders.

The S&P 500 made 3 new highs in 52 weeks and 30 new lows; The Nasdaq recorded 35 new highs and 121 new lows.

Volume on US exchanges was 10.38 billion shares, compared to an average of 12.50 billion for the full session over the last 20 trading days.

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Additional reporting by Caroline Valitkevich in New York Additional reporting by Davek Jane, Susan Mathew and Mehnaz Yasmin in Bengaluru Editing by Magu Samuel and Matthew Lewis

Our Standards: Thomson Reuters Trust Principles.

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