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Stocks fell sharply at the opening bell Thursday as oil clawed back some gains and a report showed jobless claims unexpectedly rose last week.
Yesterday, Kohl's and JC Penney reported August same store sales slightly better than expected. Today Wal-Mart, Target, Gap, American Eagle (reaffirms third quarter guidance), Pacific Sunwear all reported sales above expectations. However, department stores did not fare as well.
Futures indicated a lower open on Wall Street as oil clawed back some gains, and fell further after a report showed jobless claims unexpectedly rose last week.
Commodities were lower, but once again it was no help for stocks. Commodity stocks were again sold off.
As commodity prices decline, the retail sector revs up.
Calling all shoppers: If the presidential elections were held today, for whom would you vote? It turns out your shopping habits could be an indicator of that decision, according to a recent survey.
Medal Round - Day 6: With only days to go before the end of our World Markets Olympics Challenge, the USA seems to be pulling away. Switzerland has pulled back into second and Australia is in third. Who will finish the week strong and grab a medal?
Stocks ended a mundane week mixed, despite modest gains Friday fueled by plunging oil prices that nevertheless couldn't offset a cautionary trading environment.
Wall Street shook off more signs of consumer weakness and instead focused on plunging oil prices, sending stocks up as financials continued to gain.
Yesterday it was Europe announcing weak economic growth, today it is Hong Kong, where Q2 GDP fell by 1.4 percent quarter-over-quarter. Year-over-year, GDP rose 4.2%, the slowest gain since Q3 2003. Higher costs from China, as well as weaker demand, was the culprit.
Stocks rose on Thursday as another decline in the price of oil buoyed hopes that consumer spending will recover. Also financial shares bounced back from a sharp two-day sell-off.
It didn't start out promising: CPI stronger than expected, jobless claims stronger than expected, but the market rallied quickly as bulls argued that inflation was peaking, that the U.S. is further along this weak economic cycle than anywhere else in the world, and the dollar rally would be helpful as well.
Medal Round - Day 2: The US continues to outperform, but India's Sensex has surged forward to second place.
The Dow made gains on Monday with investors believing the current down trend in oil improves prospects for consumer and business spending.
Retailers are typically obsessed with what to put under their roofs, not on them. Yet the nation’s biggest store chains are coming to see their immense, flat roofs as an untapped resource.
Stocks could sprint higher into the coming week, as a strengthening dollar and declining commodities prices encourage buyers hoping for a reprieve from inflation.
Early July sales results from retailers have been disappointing, with many falling short of analyst estimates. It also appears that the benefit from tax rebate checks is beginning to wane.
Investors will get a glimpse of how much cash-strapped consumers are willing to spend in the key back-to-school shopping season when major U.S. retail chains release July sales results Thursday.
Economics will be a far more important subject than fashion for retailers this year as cash-strapped U.S. consumers do their back-to-school shopping over the next several weeks.
Retailers, including Wal-Mart Stores, are posting solid same-store sales growth in June, as expected, as seasonal weather and tax rebate checks helped get consumers to the store.