The stock market is trading slightly higher midday. The S&P 500 is up 0.26%, and the tech-heavy Nasdaq Composite added 0.27%. The Dow Jones Industrial Average is up 0.04%, and the Russell 2000 Index rose 0.66%.
The Labor Department reported in the morning that the U.S. economy created 818,000 fewer jobs than initially reported for the 12-month period ending in March 2024.
Trending stocks:
Shares of Target and TJX, the parent company of TJ Maxx, surged by 12% and 5%, respectively, after surpassing earnings and revenue expectations. In contrast, Macy’s saw a decline of X% following a revenue shortfall.
Mag 7 stocks are experiencing minimal changes, with stock prices shifting by less than 1%.
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S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
- Target Corp (TGT) +12.8%
- Keysight Technologies Inc (KEYS) +11.7%
- TJX Companies Inc (TJX) +5.8%
- Ross Stores Inc (ROST) +4%
- Albemarle Corp (ALB) +3.7%
The worst-performing five S&P 500 stocks with the largest midday drop are:
- Franklin Resources Inc (BEN) -8.1%
- American Express Co (AXP) -3.6%
- Cooper Companies Inc (COO) -3.4%
- Palo Alto Networks Inc (PANW) -2.4%
- Citigroup Inc (C) -2.1%
Stocks also worth noting with significant moves include:
- Nvidia (NVDA) +0.5%
- AMD (AMD) +0.8%
- Tesla (TSLA) +0.4%
- Super Micro Computer (SMCI) +2.7%
- Macy's (M) -12.3%
Target surges after rosy financial results
Target stock jumped 13% midday after revenue and earnings beat.
The retail giant earned $2.57 per diluted share in the quarter ended August 3, up 42.4% from a year ago and topping the analysts’ estimate of $2.18 a share. Revenue of $25.45 billion also beat the $25.21 billion forecast. Comparable sales increased 2%, which was at the high end of the company's expectations.
Related: Analysts revise Target stock price goal before earnings
“Our growth was driven entirely by traffic in stores and our digital channels, with double-digit growth in our same-day delivery services," said CEO Brian Cornell. "We also saw improving trends across our discretionary categories, most notably in apparel, and we're seeing continued strength in beauty.”
The company remained cautious for the whole year. Target anticipates a 0% to 2% rise in comparable sales for the third quarter, with the increase likely leaning towards the lower end of that range.
Macy’s tumbles on revenue miss
Macy’s stock plunged 12% after the retailer posted mixed second-quarter results.
The company earned 53 cents a share for 13 weeks ended August 3, up from the 8 cents a year earlier and surpassing the 30 cents a share estimated by analysts. But revenue of $4.94 billion missed the anticipated $5.12 billion, down 3.8%.
Related: Macy’s mass store closures may be a lucrative real estate opportunity
Macy’s CEO Tony Spring acknowledged that customers are tightening their spending across all of Macy’s brands, including the upscale Bloomingdale’s, according to CNBC.
“We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,” Spring said. “And people on the things that they want, the things that are priced sharply, on the newness, they’re responding, but even the affluent consumer is not spending like they were a year ago.”
In February, Macy’s announced plans to close approximately 150 stores and focus on investing in the approximately 350 remaining stores.
TJ Maxx parents traded higher after upbeat earnings
TJX Companies stock added 6% after it posted earnings and revenue that surpassed analysts’ expectations.
Related: TJ Maxx and Marshalls' owner makes bold move to stop retail theft
In the second quarter of fiscal 2025, the parent of TJ Maxx and Marshalls earned diluted 96 cents per share, up 13%, and topped the company’s and analysts’ expectations.
Revenue of $13.47 billion also surpassed analysts’ $13.31 billion forecast. Comparable sales increased 4%, higher than the company’s previous prediction.
More Retail Stocks:
- Analysts reboot Amazon stock price targets after earnings
- Costco makes an unpopular policy change (maybe for a good reason)
- Amazon CEO warns of trend that’s making consumers flee pharmacies
As consumers become more price-conscious, budget-friendly retailers are drawing the traffic away from higher-end rivals like Macy’s. “Our overall comp sales growth was entirely driven by customer transactions, which increased at every division,” said CEO Ernie Herrman.
Related: Veteran fund manager sees world of pain coming for stocks
