Wall Street ends higher as Target surges
Nasdaq climbs ~0.6%, S&P 500 up ~0.4%, Dow edges green
Cons Disc leads S&P 500 sector gainers; Financials weakest group
Dollar, gold slip; crude off ~2%; bitcoin rallies >3%
U.S. 10-Year Treasury yield edges down to ~3.80%
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WALL STREET ENDS HIGHER AS TARGET SURGES
U.S. stocks finished higher on Wednesday after the release of the minutes from the most recent Fed meeting cemented expectations for a September rate cut.
Target TGT.N surged 11% after the big-box retailer raised its full-year profit forecast and reported strong quarterly comparable sales, lifted by price cuts.
On the opposite side of the retail spectrum, shares of Macy's M.N tumbled 13% after the department store cut its annual net sales forecast, blaming higher promotions and weak demand for upscale apparel and accessories from deal-hungry consumers.
The most traded stock in the S&P 500 was NVIDIA Corp NVDA.O, with about $33 billion worth of shares exchanged during the session. The chipmaker's shares rose 1%.
Of the 11 S&P 500 sector indexes, nine rose, led by consumer discretionary .SPLRCD, up 1.18%, followed by a 1.15% gain in materials .SPLRCM.
The minutes from the Federal Reserve's most recent monetary policy meeting in July suggest officials were already strongly leaning toward a rate cut at the meeting scheduled for September.
The minutes also set the stage for the Jackson Hole Economic Symposium, where Fed Chair Jerome Powell will speak on Friday.
With Wednesday's gains, the S&P 500 .SPX is up almost 18% in 2024.
Here is the final snapshot:
(Noel Randewich)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
BOFA CORPORATE CLIENT BUYBACKS ON TRACK FOR A RECORD YEAR - CLICK HERE
WATCH OUT FOR SEPTEMBER - CLICK HERE
RETAIL DIVIDE WIDENS AS TARGET SOARS AND MACY'S TANKS - CLICK HERE
LABOR MARKET SOFTER THAN MANY THOUGHT, COOLING MORTGAGE RATES LEAVE BORROWERS UNIMPRESSED - CLICK HERE
S&P 500 NEARS ITS JULY RECORD HIGHS, BACKS OFF - CLICK HERE
NASDAQ COMPOSITE: TRADERS HOLD THEIR "BREADTH" - CLICK HERE
HAS THE DOLLAR'S WEAKNESS FURTHER TO RUN? - CLICK HERE
BAD MEMORIES OF SUMMER SELLOFF FADING - CLICK HERE
LEARNINGS FROM Q2: MORE CAUTION - CLICK HERE
MINERS SUPPORT THE STOXX - CLICK HERE
EUROPEAN FUTURES STEADY AS BOUNCE STALLS - CLICK HERE
JOBS IN FOCUS AFTER THE REBOUND - CLICK HERE
Snapshot https://tmsnrt.rs/3MhAUKs
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