The S&P 500 and Dow rose Wednesday as Target results boosted the retail sector as investors awaited the minutes of the Federal Reserve’s July policy meeting.
Target shares rose 6.3% after the retailer’s second-quarter profit beat expectations and offset the cut in its full-year forecast.
Walmart, which will release results on Thursday, rose 0.5%, while department stores Macy’s and Kohl’s gained 2.1% and 0.7%, respectively. Home Depot was up 1.2%.
The S&P 500 consumer goods index gained 0.4%, while energy companies gained 0.5% on Chevron’s 1.3% gain after Mizuho updated its recommendation.
Stocks faced a tough time in August, with the S&P 500 at more than a month low after data showed persistent inflation and a robust economy, fueling fears that interest rates will stay high for longer.
While investors hope that the Fed’s monetary tightening is about to end, fears persist that the central bank could keep rates at current levels for longer.
Traders’ bets on a September break are nearly 91%, according to CME Group’s Fedwatch tool.
Investors are now focused on the July 25-26 Federal Reserve meeting minutes, which will be released at 3 PM ET.
As of 11:28 am (Brasilia time), the Dow Jones index was up 0.31%, to 35,055.96 points, while the S&P 500 index was up 0.17%, to 4,445.40 points. The Nasdaq Composite technology index fell 0.04% to 13,625.01 points.
Source: Terra
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