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Mario Tama / Staff / Getty Images
Key Takeaways
- The Dow, S&P 500, and Nasdaq were little changed at midday Wednesday ahead of minutes from the Federal Reserve’s latest policy meeting.
- Target and TJX shares rose after the retailers posted better-than-expected results and raised their outlooks.
- Macy's shares fell after the company warned soft consumer spending and increased promotions were hurting sales.
The Dow, S&P 500, and Nasdaq were little changed at midday Wednesday ahead of minutes from the Federal Reserve’s latest policy meeting.
Target (TGT) shares soared after the retailer exceed earnings and revenue estimates and raised its guidance as it benefitted from lower prices. Lower prices also helped discount chain TJX (TJX) beat forecasts and lift its outlook.
Analog Devices (ADI) shares gained as the chipmaker posted better-than-expected results as well.
Macy’s (M) shares tumbled as the department store chain reported a drop in revenue and cut its outlook. The company warned soft consumer spending and increased promotions were hurting sales.
Shares of Franklin Resources (BEN) declined after the investment manager announced Ken Leech, the Co-CIO of its Western Asset Management Unit, was on a leave of absence after receiving a Wells Notice from the Securities and Exchange Commission (SEC).
American Express (AXP) shares declined as Bank of America cut its rating on the stock over concerns about a slowdown in consumer spending.
Oil futures rose and gold prices fell. The yield on the 10-year Treasury note was down. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded in the green.
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