Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average was trading higher Wednesday for the ninth time in 10 trading sessions.
- The S&P 500 rose for the fifth time in six days.
- Macy’s Inc (M) jumped 6.4% after quarterly earnings and sales topped forecasts. Rough day for this stock analyst who issued a downgrade last week.
Wall Street Overview
Stocks were modestly higher on Wednesday, May 16, as investors traded cautiously on news that North Korea may cancel a planned summit with the United States and as government bond yields rose to multi-year highs amid renewed bets of faster inflation and quicker interest rate hikes from the Federal Reserve.
North Korea has threatened to pull out of the June 12 meeting with Donald Trump in Singapore if Washington insists on complete denuclearization for the rogue nation.
“If the U.S. is trying to drive us into a corner to force our unilateral nuclear abandonment, we will no longer be interested in such dialogue and cannot but reconsider our proceeding to the DPRK-U.S. summit,” North Korea said in a statement that was issued through its state broadcaster.
Yields on the 10-year Treasury traded at 3.074% on Wednesday as the notion of a continually strong economy wreaked havoc on bond markets.
The Dow Jones Industrial Average rose 24 points, or 0.1%, to 24,730, the S&P 500 was up 0.22% and the Nasdaq gained 0.35%.
Macy’s Inc. (M) soared 6.4% after the retailer’s first-quarter earnings and revenue topped analysts’ forecasts and a same-store sales increase of 3.9% easily beat estimates of up 0.7%. The company also raised earnings and revenue guidance for 2018.
Earnings reports are expected after the closing bell Wednesday from Cisco Systems Inc. (CSCO) and Take-Two Interactive Software Inc. (TTWO) . TheStreet’s sister publication, Real Money, has a nice earnings preview piece on Cisco by tech columnist Eric Jhonsa.
TheStreet’s founder Jim Cramer slammed Tesla CEO Elon Musk on Twitter.
Amazon.com Inc. (AMZN) has begun rolling out discounts for Prime members at Whole Foods, which was acquired last year for $13.7 billion. The benefits start Wednesday at stores in Florida and will expand nationwide this summer. Amazon was up 0.7%.
Zoetis will pay $83 in cash for each Abaxis share outstanding, a premium of 15.7% to the $71.75 closing price of Abaxis on Tuesday. Abaxis rose 15.3% to $82.74 early Wednesday.
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