Key Takeaways
- U.S. equities gained at midday Thursday following a report that showed retail sales rose more than expected last month, easing fears of a recession.
- Shares of Walmart jumped after the retail giant posted better-than-expected results.
- Ulta Beauty shares also took off after Warren Buffett’s Berkshire Hathaway took a stake in the beauty products retailer.
U.S. equities surged at midday following a report showing that July retail sales were much stronger than anticipated, easing fears of a possible recession. The Dow and S&P 500 were up over 1%, and Nasdaq added more than 2%.
Ulta Beauty (ULTA) was the best-performing stock in the S&P 500 after Warren Buffett’s Berkshire Hathaway (BRK.A) took a stake in the beauty products retailer.
Shares of Walmart (WMT) jumped as the retail giant posted better-than-expected results and boosted its guidance as inflation-weary shoppers flocked to its stores.
Robinhood (HOOD) shares gained as Deutsche Bank upgraded the stock on optimism about demand for electronic brokerages.
T-Mobile US (TMUS) shares lost ground after U.S. regulators fined the company $60 million fine for failing to prevent and report unauthorized access to sensitive data. Shares of rivals AT&T (T) and Verizon Communications (VZ) were down as well.
Grab Holdings (GRAB) shares slid after the Singapore-based ridesharing firm missed revenue forecasts and gave weaker-than-anticipated guidance as rider spending declined.
Oil and gold futures advanced. The yield on the 10-year Treasury note soared. The U.S. dollar was up on the euro and yen, but fell to the pound. Trading in most major cryptocurrencies was mixed.
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