Banks sold off going into the close. Regional banks like Zions and Huntington Bancshares have been weak all day. Regional banks continue to suffer from concerns about loan losses.
Retailers are generally to the upside today as earnings for several companies (Home Depot, Saks,TJX) again came in at or above expectations, while noting that same store sales for the year will remain decidedly negative. Only TJX bucked that trend, with comp store sales for the year projected to be flat to down 2 percent.
Target is out tomorrow: more of the same? Here's a comment from one hedge fund trader who specializes in retailers: "Can't see how they don't beat on expense control. They said recently that their quarter is ahead of consensus. Another case of setting the bar low and clearing it with room to spare. But it certainly helps create investor confidence."