Yahoo Finance markets contributor Remy Blaire discusses the state of the markets with eyes on the debt ceiling, Tesla shares, and retail stocks, including Target, TJX, Walmart, and Lowe's.
Video Transcript
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RACHELLE AKUFFO: Here with the latest market moves in today's trading session we have Yahoo Finance's Remy Blaire. Hey, Remy.
REMY BLAIRE: Well, US equity markets are holding on to session gains as we head into the noon hour. We're seeing the Dow, S&P 500 as well as the NASDAQ up by over about 0.3%. Now, given that the NASDAQ 100 continues to advance in today's session, that means that index is higher by over 20% year to date. And that is a considerable advance in comparison to the other indexes. But keep in mind that the gains for the NASDAQ come as we receive better than expected earnings out from some tech names this year. And that is from Apple as well as Microsoft and Alphabet.
As for today's trading session, all eyes have been on retailers reporting their latest earnings. We got earnings out from Target as well as TJX, the parent company of TJ Maxx as well as HomeGoods. Now, the results out from Target were not quite a bull's eye, but this does come at a time as consumers are being careful about where they spend their hard earned dollars. We saw that Target's profit decline by 5.8% in the latest quarter. And total sales did rise by about half a percent and digital sales declined as shoppers cut back on their discretionary spending. Now, in terms of share prices this morning we are seeing both target and TJX higher.
Now in terms of the details out from TJX earnings results it did raise its annual profit forecast. And it is setting a lower cost as well as demand from price conscious consumers. TJX is seeing expenses come down and the company is now expecting its 2024 adjusted profit to come in above its previous range. It has also maintained its full year sales forecast. Looking ahead, we will be getting retail earnings out from big names, including Walmart as well as Lowe's.
And last but not least, very quickly taking a look at Tesla shares, they are higher this morning. Now, Elon Musk did forecast a challenging year ahead for the carmaker due to higher interest rates affecting purchases by consumers. The CEO of Tesla did say that two new Tesla models were coming. And also, most interestingly, Musk told companies shareholders that the company will advertise for the first time in history.
RACHELLE AKUFFO: Yeah, that's an interesting one. Wasn't expected that advertising angle that he mentioned there. Fantastic stuff. Remy Blaire there from the floor of the [INAUDIBLE]. Thank you so much.
