Newzstocks are drifting near their record heights on Monday, ahead of a week where profit reports from the nation’s biggest retailers could give a hint about how shoppers are dealing with high inflation and a slowing job market.The S&P 500 slipped 0.1% but remains near its all-time high set Thursday. The Dow Jones Industrial Average was down 163 points, or 0.3%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was virtually unchanged.Wall Street has run to records in large part because profits are booming for big U.S.
Those in the S&P 500 index are on track to deliver growth of roughly 50% for earnings per share in the spring from a year earlier, according to FactSet. That’s much better than analysts expected and would be the best since five years ago, when the economy was erupting out of the chasm created by the COVID pandemic.Nearly all the companies in the S&P 500 have already turned in their profit reports for the spring. Still to come are big retailers, including reports this upcoming week from Home Depot, Target and Walmart.They’re facing pressure.
Their customers’ incomes may be turning iffier after U.S. employers surprisingly cut more jobs last month than they added. At the same time, their customers are continuing to see bills rise quickly as inflation remains much higher than anyone would like.A report last week said that shoppers surprisingly spent less at U.S.
retailers last month than in June, and CEOs for retailers could give color this week on what they’re seeing.In the meantime, the wait continues for what the war with Iran will do with oil prices. The price for a barrel of Brent crude rose 0.4% to $88.87 Monday in what counts as a relatively modest move compared with its jagged recent swings.Brent zigzagged between $72 and $102 last month as hopes rose and fell that the United States and Iran could reach a deal that would allow oil tankers to freely exit the Persian Gulf again.In the bond market, Treasury yields edged higher following their own big recent moves. The yield on the 10-year Treasury ticked up to 4.70% from 4.68% late Friday following a report showing stronger-than-expected growth in manufacturing in New York state.The 10-year yield has shot up from 3.97% before the war with Iran, largely because higher oil prices raised the pressure on inflation and upped the probability that the Federal Reserv…
The Dow Jones Industrial Average was down 174 points, or 0.3%, as of 9:35 a.m. The price for a barrel of Brent crude rose 0.7% to $89.15 Monday in what counts as a relatively modest move compared with its jagged recent swings.Brent zigzagged between $72 and $102 last month as hopes rose and fell that the United States and Iran could reach a deal that would allow oil tankers to freely exit the Persian Gulf again.In the bond market, Treasury yields edged higher following their own big recent moves. stocks are drifting near their record heights.
The S&P 500 was virtually unchanged in early Monday trading and is near its all-time high set on Thursday. The Dow Jones Industrial Average dipped 143 points, and the Nasdaq composite rose 0.2%. Wall Street has run to records in large part because profits are booming for big U.S.
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