Stocks waver as retail wreck rolls on
It’s another week in the books with stocks (^DJI, ^GSPC, ^IXIC) still close to all-time highs, even as retail continues to roll over. Why this story on the changing consumer isn’t going away.
And, tech’s back in charge. One big shark thinks four tech heavyweights have more room to run. Catch The Final Round at 4 p.m. with Jen Rogers, Yahoo Finance markets correspondent Myles Udland, Cathie Wood ARK Invest, and reporter Jared Blikre.
Winners and losers
Stocks ending the week on down note include Wayfair as Amazon is reportedly expanding home furnishing offerings; GE as Deutsche Bank downgraded shares to sell citing concerns over earnings quality; and JCPenney, with shares of the retailer tumbling on a revenue miss, as same-store sales fell 3.5%.
Stocks in the green today include The Trade Desk as the ad tech firm’s full-year guidance topped Street estimates; Wynn Resorts as Barclays upgraded the casino operator to overweight with a $144 price target; and Pandora, with shares climbing as Steven Cohen’s Point72 disclosed a 5.4% stake in the internet radio service.
Looking Ahead
At 8:30 a.m. ET, we’ll get a read on manufacturing on the East Coast with the New York Fed’s Empire State manufacturing survey.
At 10 a.m. ET, the NAHB releases its housing market index for May. Last month the gauge notched a 68 reading, right around recent multi-year highs.
Finally, in New York City, Christie’s will auction off Pablo Picasso’s “Femme assise, robe bleue” as part of the Impressionist and Modern Art Evening Sale. The painting, which is a portrait of Picasso’s lover, Dora Maar, is estimated to fetch as much as $50 million.
