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Dow, S&P 500 climb as upbeat results from Walmart, others boost optimism

Stock Markets Aug 16, 2022 07:27PM ET
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© Reuters. FILE PHOTO: Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 8, 2022. REUTERS/Andrew Kelly/File Photo
 
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By Caroline Valetkevitch

NEW YORK (Reuters) - The Dow and S&P 500 rose on Tuesday as stronger-than-expected results and outlooks from Walmart (NYSE:WMT) and Home Depot bolstered views on the health of consumers, while technology shares declined and weighed on the Nasdaq.

The S&P 500 consumer discretionary and staples sectors gave the benchmark index its biggest lift, while the S&P 500 retail index rose 1.9%.

The S&P 500 also came close to breaking above its 200-day moving average, a key technical level. The benchmark index has not closed above that level since early April.

Walmart Inc shares jumped 5.1% after the retailer forecast a smaller drop in full-year profit than previously projected, while Home Depot Inc (NYSE:HD) gained 4.1% after it surpassed estimates for quarterly sales.

At the same time, the 10-year U.S. Treasury yield rose, weighing on technology and other high-growth stocks. Shares of Microsoft Corp (NASDAQ:MSFT) were down 0.3% on Tuesday after recent gains.

After a harsh first half of the year, the S&P 500 is up nearly 14% since the start of July, helped in part by better-than-expected earnings from Corporate America.

Investors have also been optimistic lately that the Federal Reserve can achieve a soft landing for the economy as it tightens policy and raises interest rates to reduce decades-high inflation.

"When you transition from a bear market to a bull market, especially one where the Fed is raising rates and there are concerns over the consumer, you really want to see consumer discretionary underpinned by enthusiasm. And today's move in discretionary names is positive for the market," said Quincy Krosby, chief global strategist for LPL Financial (NASDAQ:LPLA) in Charlotte, North Carolina.

Walmart in July slashed its profit forecast amid surging prices for food and fuel.

The Dow Jones Industrial Average rose 239.57 points, or 0.71%, to 34,152.01, the S&P 500 gained 8.06 points, or 0.19%, to 4,305.2 and the Nasdaq Composite dropped 25.50 points, or 0.19%, to 13,102.55.

With results in from the majority of S&P 500 companies, second-quarter earnings are expected to have risen 9.7% from a year earlier, compared with 5.6% estimated on July 1, according to IBES data from Refinitiv.

Shares of Target Corp (NYSE:TGT), which reports quarterly results early on Wednesday, closed 4.6% higher.

Still, investors will be anxious to see July U.S. retail sales data, which is due on Wednesday as well. Also on Wednesday, the Fed is scheduled to release minutes from its July policy meeting.

Investor sentiment is still bearish, but no longer "apocalyptically" so, according to BofA's monthly survey of global fund managers in August.

Volume on U.S. exchanges was 10.92 billion shares, compared with the 10.96 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.21-to-1 ratio favored decliners.

The S&P 500 posted 8 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 82 new highs and 40 new lows.

Dow, S&P 500 climb as upbeat results from Walmart, others boost optimism
 

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Comments (14)
Darren Pluess
Darren Pluess Aug 17, 2022 8:35AM ET
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Hoping for a recession not a depression.Things look very similar to the 1930,s.Wars debt and inflation.Dow will be below 20000 inside a year.
Dave Jones
Dave Jones Aug 16, 2022 4:16PM ET
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Ignore reality. Ignore everything. Maybe it will just go up forever.
Marco cuevas
Marco cuevas Aug 16, 2022 3:21PM ET
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Big money got tneir red market today by paying to pump out negative stories all day...' "Clap, clap"...new day tomm.
Marco cuevas
Marco cuevas Aug 16, 2022 2:55PM ET
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Mm desperation in the market today lol
Casino Crypt
CasinoCrypt Aug 16, 2022 2:19PM ET
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95% of people will believe this cause and effect performance on display but there are the 5% of us that know the market is being short circuited. Today the equity markets are in sync with the opening of the Ballots for Dems in Wyoming.  Dire China GDP, NY Manufacturing index , German economic sentiment , European manufacturing data , UK business conditions, Climate destruction   - these are all being ignored .   The pain will come later and with a force that will be catastrophic to the current financial system.
Brad Albright
Brad Albright Aug 16, 2022 2:19PM ET
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The opening of the ballots for Dems in Wyoming? Are you TRYING to convince us you don't know what you are talking about? Because I'm convinced.
sw kim
sw kim Aug 16, 2022 1:55PM ET
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Show me the power of America!!
First Last
First Last Aug 16, 2022 1:55PM ET
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You've seen it.  Maybe you didn't recognize it.
Matt Kay
Matt Kay Aug 16, 2022 1:55PM ET
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We incarcerate the most people in the woooorld! whooo
Cody Hawkins
Cody Hawkins Aug 16, 2022 1:32PM ET
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This is the last major rally for a while. China is stumbling and inflation will only continue in the west. If China's three card Monty fails the US will slide down with them.
First Last
First Last Aug 16, 2022 1:32PM ET
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When has inflation not continued?
Lex Wild
Lex Wild Aug 16, 2022 1:20PM ET
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That was a nice Boost ;-)
Darshpreet Singh
Darshpreet Singh Aug 16, 2022 12:28PM ET
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the chart clearly explains the bull run to 4450 and 34500 as the resistance levels for dow jones and s&p might see a swing dip from there before another rally as simple as that
Stephen Fa
Stephen Fa Aug 16, 2022 12:28PM ET
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RSI says short term overbought
Darshpreet Singh
Darshpreet Singh Aug 16, 2022 12:22PM ET
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🤣🤣How you guys doing
 
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