Stocks started the day with muted movements following a downbeat session on Tuesday. While some stocks, such as Target and insurance companies, saw gains, EV stock VinFast, which had a significant surge the previous day, retreated.
The major U.S. indexes showed mixed performance as investors awaited the release of the Federal Reserve minutes from its last policy meeting, scheduled for 2 p.m. ET. Stocks have been on a downward trend in August due to the impact of higher bond yields.
In the morning, the Dow Jones Industrial Average saw a slight increase, while the tech-heavy Nasdaq Composite dipped and the S&P 500 remained flat.
The benchmark 10-year Treasury yield rose to 4.228%, reaching its highest level since October at 4.220%.
Target experienced a jump in its stock price after reporting higher-than-expected quarterly profits. This positive news followed strong earnings from Home Depot on Tuesday, which stated that cost inflation was easing. Walmart is set to report its earnings on Thursday.
Insurance stocks also saw gains after Progressive reported upbeat July premiums numbers. Shares of Progressive were up around 8% in morning trading.
Concerns about China’s economy continued to impact the market, with Hong Kong’s Hang Seng Index falling 1.4%, leading to year-to-date losses exceeding 7%. The Shanghai Composite also dropped 0.8%, and the yuan faced pressure.
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How did Target’s stock price perform after reporting better-than-expected quarterly profits?
Stocks started the day with subdued movements following a lackluster session on Tuesday. While a few stocks, including Target and insurance companies, saw gains, EV stock VinFast, which had a significant surge the previous day, retreated.
The major U.S. indexes displayed mixed performance as investors eagerly awaited the release of the Federal Reserve minutes from its last policy meeting, scheduled for 2 p.m. ET. Stocks have been on a downward trend in August due to the impact of higher bond yields.
In the morning, the Dow Jones Industrial Average saw a slight increase, while the tech-heavy Nasdaq Composite dipped and the S&P 500 remained unchanged.
The benchmark 10-year Treasury yield rose to 4.228%, reaching its highest level since October at 4.220%.
Target witnessed a surge in its stock price after reporting better-than-expected quarterly profits. This positive news followed strong earnings from Home Depot on Tuesday, which indicated that cost inflation was easing. Walmart is set to report its earnings on Thursday.
Insurance stocks also experienced gains after Progressive reported positive July premiums figures. Shares of Progressive were up around 8% in morning trading.
Concerns surrounding China’s economy continued to impact the market, with Hong Kong’s Hang Seng Index falling 1.4%, resulting in year-to-date losses of over 7%. The Shanghai Composite also dropped 0.8%, while the yuan faced pressure.
To stay informed about market trends, readers can subscribe to free morning and evening newsletters, delivered every weekday.
“Exciting to see both the target and insurance sectors making moves! Can’t wait to see what the Federal Reserve minutes reveal.”