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Stock Market Today: Dow ends higher as Target rally pushes retailers higher

AuthorYasin Ebrahim
Published 11/15/2023, 06:33 AM
Updated 11/15/2023, 04:06 PM
© Reuters

Investing.com -- The Dow closed higher Wednesda after data showed inflation continues to ease and a rally in Target pushed retailers higher following better-than-expected third-quarter results. 

At 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was up 163 points or 0.5%, while the S&P 500 was up 0.2% and the NASDAQ Composite was up 0.1%.

Inflation shows further signs of cooling, retail sales slows as consumer rein in spending

Producer prices slowed to a pace of 1.3% in the 12 months through October from a 2.2% increase in September, missing expectations for a rise of 1.9%, adding further optimism that the deflation trend is set to continue just a day after a consumer inflation for October also showed a deeper than expected slowdown.

Optimism over an ongoing slowdown in inflation continued to support bets that Fed's rate hiking cycle is over, potentially paving the way for rate cuts as soon as the first half of next year.

Also adding to bets on sooner rather later Fed cuts, October retail sales fell 0.1%, missing expectations for a 0.3% drop, though economists pointed to the marked decline from strong retail sales print in Q3. 

"The consumer spent money like there was no tomorrow in Q3, and the retail sales data for October suggest that they broadly paused at the outset of Q4,"Jefferies said in a note. 

Target rally on Q3 beat sparks jump in retailers

Retailing giant Target (NYSE:TGT) beat profit expectations, as same store sales fell 4.9%. Its guidance for the fourth quarter was in line with expectations. Its shares closed nearly 18%.

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Retailers rose more than 2%, though discount retailer TJX Companies Inc (NYSE:TJX), down 3%, bucked the trend higher despite reporting Q3 results that beat on both the top and bottom lines, with same store sales rising 6%.

Beyond earnings-related moves, retailers were also supported by a more than 3% rise in VF Corporation (NYSE:VFC) after JPMorgan upgraded its rating on the apparel company to neutral from underweight, citing an improved risk to reward. 

Tech stocks take breather following recent melt-up

Tech stocks took a breather following a rally a day earlier amid weakness in Meta Platforms Inc (NASDAQ:META), though Microsoft Corporation (NASDAQ:MSFT) ended flat despite launching its own chip, Maia 100, for AI that is expected to compete with Nvidia as demand for hardware to power artificial intelligence gathers pace.  

NVIDIA Corporation (NASDAQ:NVDA), which closed a record high a day earlier, fell 2% to snap its 10-day winning streak. 

Oil slips ahead of EIA inventories

Energy stocks were dragged lower by falling oil prices following weekly U.S. crude inventory showing a much higher than expected increase in U.S. crude stockpiles.   

Halliburton Company (NYSE:HAL), Diamondback Energy Inc (NASDAQ:FANG), Schlumberger NV (NYSE:SLB) were among the biggest delincers in the energy sector.

-- Liz Moyer, Peter Nurse contributed to this report.

Latest comments

Of course, the melt up in bond yields is ignored.
And back down today.
Another flagrantly criminal day in the greatest financial fraud on earth.
another simply minded response from Mitch.
You must be a bear?
No matter whether the news is good or bad, Wall Street just pushes a Rosie picture. 2024 will be an eye opener they can't hide or sell. down from there
You would think. Just look at oil. While it has its share of bull, in the end, it can't hide from the truth. We're Slowing Down. Projected GDP for this quarter only 1% or less. Even Apple's revenue this quarter is going to be off by 5 billion. The market appears to be looking past the impending recession to brighter days.
What's so special about 2024?
NASDAQ is so overbought! Seems like we should see at least a day or two of selling before we move higher. I'll be wary of calls until we get some kind of consolidation . Should be here very soon. Maybe tomorrow's headlines no budget deal. Doesn't really matter. The market rejected the credit rating falter of our failed government.
We had a red qqq day last Thursday.  Next Thursday is Thanksgiving, and if you wanna be bearish around Thanksgiving, you have my condolences.
In order to get inflation down from 9% to 4%, they had to drive interest rates from <1% to >5%. Mortgage rates are currently 8%. Core CPI is still 2x target inflation and people think that one month of inflation coming in 0.1% lower than expected is bullish? Powell literally came out last week saying that rate hikes are not over.
It's a failure to communicate. What is said is not what is heard.
I think Powell is communicating it very well. I think the problem is that it's human nature to avoid/not accept the bad things in life. Particularly when it comes to economics. While some are hit harder than others, no one escapes the effects of a severe recession or depression, in some way. Additionally, high levels of unemployment coupled with skyrocketing costs to just stay alive often leads to civil discord and widespread violence. We've watched countries, like Venezuela, collapse from poor governance. We know what that picture looks like. It's not pretty. So...what I'm saying is, people will try to live a lie as long as possible until they can't anymore. Ironically, these are often the same people that find secretly cheating on a spouse to be abhorrent versus telling the truth. Hypocrisy comes in many flavors.
Stopping and decreasing rate hikes does not help the market if the market has already factored in 0 rates, P/E's have gone up to levels not seen since prior to the 2008 crash. People's banks accounts and 401ks have seen declines for the first time in decades this year, along with multiple bank failures/closures and massive spike in bankruptcies. The tactic of just dropping rates only works if you have an actual economic foundation, the only thing Bidenomics has built in the high interest rate environment is high inflation, debt, drained bank accounts, and start of a housing collapse.
Bond yields getting larger. No need for rate hikes, especially when 10YR hits 6%.
Look at that miraculous, mid-day "bounce."  Can't have the criminally manufactured, unjustified "gains" evaporate in the BIGGEST INVESTMENT JOKE IN THE WORLD.
look, another simple minded canned post from Mitch.
  Everyday, Mitch stares in wonder as the market rips & .dips, as if he's never seen that happen before.  In prehistoric times, our forebears the cavepeople saw the sun rose & set and invented sun gods.
MSFT P/E 10 years ago was 27.97, now it is 360.53. Companies have not gained value, they have gain valuation. There is a stock market bubble and housing bubble concurrently. We have not seen these sorts of stock valuations and mortgage rates since the last major economic implosion. The valuations of the stock market are already higher now than they were when interest rates were 0.
You're correct. This bubble will burst. The longer it takes, the bigger the flush
Brainwashing machine in supersonic mode lately and still accelerating.
another wishful l statement from a brainwashed maga cult member, true stamp.
'true stamp' is referring to himself, as he keeps donating off his meagre salary to his orange billionaire cult-leaders legal fund in will-less obedience..
Powell was flip-flopping, and his last flop was hawkish.
Next flip will be dovish, then  ;-)
stock mkt crash is highly likely
why?
is this one of the biggest jokes?
If you listen to powell you will loose big time !
At least he can spell...lmao.
They are doing their best to gaslight to explain the market pump and dump action that keeps happening, but reality is Core CPI came in double target what they are trying to achieve (i.e. 4.0% vs 2.0% target) despite current rates. Now today we get this news "U.S. retail sales fell for the first time in seven months in October as motor vehicle purchases and spending on hobbies dropped". Best of luck to this market going into an election year with a concurrent recession/depression if the fed stops rate hikes, which has been the only thing artificially keeping inflation from hitting 9% like last year.
Bond yields rising significantly. Crude oil down. Seems to contradict reasons for stocks to be rising. Rate cuts will only occur for an economy in trouble.
Yes, resilient spending from debt will cause rates to go back up eventually.
no recession, no cuts
what was with last weeks move? leaked info that mr. fat pockets has access to? This seems so unfair to those who hold shorts and puts. Odd movement that needs to be striked upon to thise who create it.
"Beat" the criminally rigged, low-ball "estimate" continues to be the guise under which the CRIMINAL MANIPULATION  of the US Ponzi Scheme continues.  Laughingstock of the financial world.
yet I keep making millions!! love that ponzi scheme!!
You will lose all those “ millions “ in one day and that will shock you forever
I'm kean lhance benedicto and i like yong page
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