Wall Street sees optimistic opening after retail sector revival


U.S. stocks were set for a higher open on Friday, extending gains from the previous session fueled by upbeat expectations from major retailers, as traders digested another round of economic data.

Dow Jones Industrial Average futures gained 102 points, or 0.3%, S&P 500 futures rose 27 points, or 0.7%, and Nasdaq futures rose 132 points, or 1.1%.

Department store operator Macy’s (M) and discount retailers Dollar Tree (DLTR) and Dollar General (DG) all upgraded their respective outlooks for 2022 in conjunction with their quarterly results on Thursday.

Oil prices fell slightly, with global first-month benchmarks Brent and West Texas Intermediate both down less than 0.5% but still hovering around a two-month high, l tight supply ahead of the peak of the US driving season.

As of 8:30 a.m. ET, data showed the U.S. goods trade deficit narrowed to $105.9 billion in April from $125.3 billion the previous month, a narrower gap than estimates a deficit of $114.9 billion. Personal income rose 0.4% in April after rising 0.5% in March and compared to estimates of a 0.5% gain; while personal consumption spending rose 0.2%, in line with estimates, compared to a 0.9% increase the previous month, according to Bloomberg data.

Scheduled for 10 a.m., forecasters see the US Consumer Sentiment Index coming in at 59.1 in the final May reading, which would be unchanged from the previous reading.

Russian stocks and Russian-focused exchange-traded funds remain blocked on US exchanges.

In other global markets, Japan’s Nikkei closed 0.7% higher, Hong Kong’s Hang Seng closed 2.9% higher and China’s Shanghai Composite closed 0.2% higher. . Meanwhile, the UK’s FTSE 100 gained 0.4% and Germany’s DAX index rose 1% in early afternoon trading in Europe.

On the gain side, shares of Dell Technologies (DELL) gained 11.8% after the company posted higher fiscal first-quarter adjusted earnings and revenue. Shares of Red Robin Gourmet Burgers (RRGB) rose 18.5% after the company posted better first-quarter results.

On the losing side, shares of Big Lots (BIG) fell 14% after the company suffered a net loss in the first quarter due to lower revenue. Shares of American Eagle Outfitters (AEO) fell 9% after the company posted a lower first-quarter profit. Shares of Iovance Biotherapeutics (IOVA) fell 48% after the company released data from a study in patients with advanced melanoma. Shares of CASI Pharmaceuticals (CASI) fell 25% after the company approved a 1-for-10 stock split.


About Author

Comments are closed.