Wall Street ends higher | The Press

(New York) The New York Stock Exchange ended higher on Tuesday, after another undecided session, regaining its senses after a start to the day marked by the warning of the distributor Target, but still wait-and-see.

The Dow Jones rose 0.80% to 33,180.14 points, the NASDAQ index gained 0.94%, to 12,175.23 points, and the broader S&P 500 index, 0.95%, to 4160 .68 points.

The exchanges had started badly, tense by the profit warning from Target (-2.31% to 155.98 dollars).

The distribution giant has warned that its margins will be tighter than expected in the second quarter, in particular due to excessive stocks, which the brand plans to sell through promotions.

After months of chasing demand, crippled by major supply chain disruptions, several retailers have recently reported that inventories are too high relative to sales.

The supermarket chain took almost the entire sector in its cart, from Walmart (-1.20%) to Best Buy (-1.16%).

But after a series of back and forth between red and green, the indices ended up gaining height in the second part of the session.

“It was a bit harsh to punish the market twice for Target,” explained Jack Ablin, of Cresset Capital, recalling that barely three weeks ago, the distributor from Minneapolis (Minnesota) had already weighed down Wall Street with results below expectations.

“Despite the gloom, some investors find equities attractive as it looks like the United States will not enter a recession this year or next,” said Edward Moya, D. ‘Oanda.

But for Baird’s Ross Mayfield, “with the earnings season behind us and no macroeconomic indicator before Friday, it’s an indifferent market”, which lacks conviction, both up and down.

He also recalls that the members of the American central bank (Fed) are in a period of “blackout”, which means that they cannot express themselves publicly, because of the approach of the next meeting, on 14 and 15 June.

This silence thus deprives the New York market of a source of animation which has regularly moved the indices in recent months.

All operators are already staring at the publication on Friday of the CPI price index for May, which will provide information on the trajectory of inflation in the United States and will support, or not, the thesis of a deceleration.

“The CPI has probably become the indicator most followed by the market,” said Ross Mayfield, noting that the employment report, published last Friday, had generated little reaction.

The advance in black gold prices, which are gradually approaching their peaks for the year, fueled that of oil stocks, in particular ExxonMobil, which came close to its record on Tuesday (+ 4.58% to 103.37 dollars) .

Kohl’s was carried (+9.54% to 45.59 dollars), by information from the Wall Street Journal according to which the department store chain would be in advanced negotiations with Franchise Group, which would offer to buy the group for 60 dollars per share , which values ​​it around 8 billion dollars.

A very unusual phenomenon, the course of the Novavax laboratory was suspended for the entire session, the time of a meeting of the Medicines Regulatory Agency (FDA), which recommended authorizing its vaccine against the coronavirus. In electronic trading after the closing of Wall Street, the title gained 0.90%.

Apple was sought (+ 1.76% to 148.71 dollars), the day after the announcement of new products, as well as the launch of an online installment payment offer, which positions the group in a growing market .

The Shopify e-commerce platform was boosted (+5.58% to 380.74 dollars) by the announcement of the division by ten of its title, an operation generally popular with small holders, for whom the action becomes more accessible. .