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US stocks bounced back to close higher on Tuesday, June 7, after starting in the red on a downbeat retail outlook following Target Corp's (TGT) margin warning for the second quarter.
The S&P 500 rose 0.95% to 4,160.68. The Dow Jones was up 0.80% to 33,180.14. The NASDAQ Composite increased by 0.94% to 12,175.23, and the small-cap Russell 2000 rose 1.57% to 1,919.56.
Shares of Target Corporation (TGT) fell 3.62% after the departmental store operator warned investors of operation margin pressure in the second quarter. The company said it would offer deep discounts and cut back on goods inventory to rationalize operating expenses.
Meanwhile, the market participants eagerly waited for the CPI data due on Friday. The latest data would provide clues to the progress made in the fight against rising inflation.
The Federal Reserve had raised the interest rates in March and May by 25 basis points and 50 basis points, respectively. It is expected to further increase the rates in June and July.
In its latest economic data on Tuesday, the Commerce Department said that the US trade deficit shrank by 19.1% to US$$87.1 billion in April, the highest drop since December 2012, after hitting a record of US$107.7 billion in March.
The energy, healthcare, and technology sectors were the top movers in the S&P 500 index on Tuesday. Ten of the 11 segments of the index stayed in the positive territory. Consumer discretionary was the laggard.
Shares of Kohl's Corporation (KSS) rose 8.44% after it said it is considering a US$8-billion buyout bid from Franchise Group.
The Dave & Buster's Entertainment, Inc. (PLAY) stock soared 4.35% after its quarterly results topped Wall Street estimates.
In the energy sector, Exxon Mobil Corporation (XOM) increased by 4.58%, Chevron Corporation (CVX) rose 2.00%, and Shell plc (SHEL) soared 2.36%. ConocoPhillips (COP) and TotalEnergies SE (TTE) advanced 4.54% and 1.45%, respectively.
In technology stocks, Apple Inc. (AAPL) gained 1.76%, Microsoft Corporation (MSFT) added 1.40%, and Broadcom Inc. (AVGO) surged 2.10%. Salesforce, Inc. (CRM) and QUALCOMM Incorporated (QCOM) jumped 2.33% and 1.03%, respectively.
In the consumer discretionary sector, Amazon.com, Inc. (AMZN) decreased by 1.43%, The TJX Companies, Inc. (TJX) fell 1.10%, and Ferrari N.V. (RACE) declined 1.09%. Coupang, Inc. (CPNG) and Ross Stores, Inc. (ROST) plummeted by 4.93% and 1.01%, respectively.
In the crypto space, Bitcoin (BTC) and Ethereum (ETH) fell 0.13% and 0.16%, respectively. The global crypto market cap increased by 0.38% to US$1.27 trillion at 4:20 pm ET on June 7.
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Futures & Commodities
Gold futures were up 0.62% to US$1,855.20 per ounce. Silver increased by 0.73% to US$22.253 per ounce, while copper rose 0.35% to US$4.4505.
Brent oil futures increased by 0.96% to US$120.66 per barrel and WTI crude was up 0.90% to US$119.57.
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Bond Market
The 30-year Treasury bond yields were down 1.96% to 3.129, while the 10-year bond yields fell 2.00% to 2.977.
US Dollar Futures Index decreased by 0.11% to US$102.335.
