Market Mixed as Target’s Earnings Weigh Down Retail Sector
On Wednesday, Wall Street faced a mixed outcome as Target’s (TGT) earnings report cast a shadow over the retail industry. The Dow Jones Industrial Average saw a late-day surge, gaining 139 points and breaking a four-day streak of losses. In contrast, the S&P 500 ended the day flat, while the Nasdaq dipped slightly ahead of the highly-anticipated quarterly results from Nvidia (NVDA) set to be released after market close. Meanwhile, the “fear gauge,” known as the Cboe Volatility Index (VIX), increased for four out of the past five sessions.
Read on to discover more about today’s market highlights:
- 3 retail stocks to monitor as Black Friday approaches.
- Insights into Agilent’s upcoming earnings call.
- Additionally, find an options strategy for Thanksgiving week, earnings from TJX, and an analysis of HOOD’s new “buy” rating.
Five Key Updates for Today
- Comcast (CMCSA) is proceeding with a plan to spin off its cable networks, which will take approximately a year and include channels like CNBC, MSNBC, and E!. (CNBC)
- In case you missed it, Target (TGT) posted a triple miss for the third quarter and issued an unfavorable outlook. (MarketWatch)
- Options traders should consider strategies for Thanksgiving week.
- A popular retail stock faced setbacks due to disappointing guidance.
- Needham shares reasons for their optimism regarding Robinhood stock.
Gold Prices Rise Amid Ongoing Global Tensions
On the commodities front, oil prices slightly decreased as traders contemplated the recent “significant escalation” in tensions between Russia and Ukraine. Additionally, reports indicated a minor weekly increase in U.S. crude inventories. December-dated West Texas Intermediate (WTI) crude ended the day down 52 cents, or 0.8%, settling at $68.87 per barrel.
Meanwhile, gold values climbed for the third consecutive session, buoyed by the ongoing geopolitical turmoil associated with the Russia-Ukraine conflict. For December delivery, gold increased by $20.70, or 0.8%, finishing at $2,651.70 per ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
