Stocks rise after Walmart, Home Depot post strong earnings

Walmart (WMT) Tuesday morning reported second-quarter results that easily topped consensus expectations on both sales and profit, with US comparable same-store sales up 9.3%. E-commerce sales in the US nearly doubled, surging 97% as consumers turned online to shop during the pandemic. However, the stock fluctuated in early trading, after […]

GC=F) rose after some profit-taking last week, with futures jumping back over $2,000 per ounce.” data-reactid=”16″>Stocks rose and the Nasdaq Composite added to its record closing level from Monday, after a strong batch of earnings results helped allay fears over companies’ abilities to cope with fallout from the pandemic. Gold (GC=F) rose after some profit-taking last week, with futures jumping back over $2,000 per ounce.

WMT) Tuesday morning reported second-quarter results that easily topped consensus expectations on both sales and profit, with US comparable same-store sales up 9.3%. E-commerce sales in the US nearly doubled, surging 97% as consumers turned online to shop during the pandemic. However, the stock fluctuated in early trading, after company executives said sales growth was normalizing and decelerating during the current quarter, as government stimulus to consumers waned.” data-reactid=”17″>Walmart (WMT) Tuesday morning reported second-quarter results that easily topped consensus expectations on both sales and profit, with US comparable same-store sales up 9.3%. E-commerce sales in the US nearly doubled, surging 97% as consumers turned online to shop during the pandemic. However, the stock fluctuated in early trading, after company executives said sales growth was normalizing and decelerating during the current quarter, as government stimulus to consumers waned.

HD) also reported better than expected second-quarter results, with comparable sales growth of 23.4% in the three-month period more than double the 11.4% growth rate expected. Consumers and professionals alike flocked to the retailer for DIY projects while working from home, and as housing market activity and home-building picked up in late spring.” data-reactid=”22″>Home Depot (HD) also reported better than expected second-quarter results, with comparable sales growth of 23.4% in the three-month period more than double the 11.4% growth rate expected. Consumers and professionals alike flocked to the retailer for DIY projects while working from home, and as housing market activity and home-building picked up in late spring.

AMZN) traded another 1% higher in pre-market trading following a 1% gain during Monday’s regular session, after Needham analysts said in a note that Amazon shares could be worth as much as $5,000 apiece. Tesla (TSLA) shares also added to gains after jumping more than 11% to a record closing high Monday, after Wedbush analysts raised their price target on the stock by $100 to $1,900 earlier in the day. Nvidia (NVDA) also closed at a record high on Monday, two days before the semiconductor company is set to report its latest quarterly results.” data-reactid=”23″>Shares of big tech companies including Amazon (AMZN) traded another 1% higher in pre-market trading following a 1% gain during Monday’s regular session, after Needham analysts said in a note that Amazon shares could be worth as much as $5,000 apiece. Tesla (TSLA) shares also added to gains after jumping more than 11% to a record closing high Monday, after Wedbush analysts raised their price target on the stock by $100 to $1,900 earlier in the day. Nvidia (NVDA) also closed at a record high on Monday, two days before the semiconductor company is set to report its latest quarterly results.

Equity trading over the past week or so has reflected a widening breadth in markets, with cyclicals vying for leadership after a months-long run of outperformance among big tech and “stay-at-home” stocks viewed as more insulated from the negative business impacts of the coronavirus pandemic. However, any signs of a full-fledged rotation have lacked conviction, with financials, energy and industrials sectors once again lagging during Monday’s session as investors considered ongoing uncertainty around the pandemic, fiscal stimulus prospects and the presidential elections.

“I think the factors around quality – quality growth, strong balance sheets, positive cash flow, dominance in industries, management team – those factors have been leadership factors across all 11 sectors, and I think that will continue to define leadership in this environment,” Liz Ann Sonders, Charles Schwab’s Senior Vice President and Chief Investment Strategist, told Yahoo Finance’s The Ticker on Monday.

“We’ve seen these multiple phases, and we had that first phase, that recovery phase from mid-May until the middle of June, when there was that hope that we were seeing a strong recovery. And you saw that leadership shift from just the Covid winners out to the more traditionally cyclical areas, and then more recently we seem to have tried that again,” she added. “We’ve had some fits and starts of tech profit-taking and a move into industrials, financials. But it’s been fleeting so far, and I think the market is sending – and rightly so – a mixed message, an uncertain message about what this next stage in the recovery looks like.”

9:33 a.m. ET: Stocks open higher as earnings boost equities

Here were the main moves in markets, as of 9:33 a.m. ET:

  • S&P 500 (^GSPC): +7.57 points (+0.22%) to 3,389.56

  • Dow (^DJI): +6.43 points (+0.02%) to 27,851.34

  • Nasdaq (^IXIC): +46.47 points (+0.42%) to 11,176.50

  • Crude (CL=F): -$0.72 (-1.68%) to $42.17 a barrel

  • Gold (GC=F): +$21.40 (+1.07%) to $2,020.10 per ounce

  • 10-year Treasury (^TNX): -0.8 bps to yield 0.675%

9:08 a.m. ET: Home Depot posts record Q2 sales as consumer DIY projects soar

Home Depot’s second-quarter revenue of $38.1 billion marked a record quarterly sum for the company, as the country’s largest home-improvement retailer got a boost from customers doing DIY projects while working from home.

Average ticket grew 10% in the second quarter, suggesting bigger trips each time customers went to make purchases from the retailer. Overall customer transactions rose 12.3% in the quarter.

Home Depot also beat profit expectations even as it spent an incremental $1.3 billion in the second quarter on enhanced pay and benefits for its employees related to Covid-19. Second-quarter earnings were $4.02 per share, better than the $3.66 expected by consensus analysts.

7:29 a.m. ET: Stock futures point to a higher open after strong earnings

Here were the main moves in equity markets, as of 7:29 a.m. ET:

  • S&P 500 futures (ES=F): 3,385.5, up 5.75 points, or 0.17%

  • Dow futures (YM=F): 27,870.00, up 95 points, or 0.34%

  • Nasdaq futures (NQ=F): 11,323.75, up 37 points, or 0.33%

  • Crude (CL=F): -$0.19 (-0.44%) to $42.70 a barrel

  • Gold (GC=F): +$14.50 (+0.73%) to $2,013.20 per ounce

  • 10-year Treasury (^TNX): -0.6 bps to yield 0.677%

7:17 a.m. ET Tuesday: Walmart Q2 results handily top expectations as e-commerce sales soar 97%

WMT) Tuesday morning reported second-quarter results that easily topped consensus analyst expectations, driven by an ongoing boost in consumer purchases during the pandemic and a near doubling in online sales.” data-reactid=”60″>Walmart (WMT) Tuesday morning reported second-quarter results that easily topped consensus analyst expectations, driven by an ongoing boost in consumer purchases during the pandemic and a near doubling in online sales.

Second-quarter adjusted earnings were $1.56 per share on revenue of $137.7 billion, with both metrics better than the $1.24 per share on revenue of $135.6 billion anticipated. Closely watched comparable same-store sales were up 9.3%, also topping consensus estimates. E-commerce sales jumped 97%, reflecting the ongoing pivot in consumer trends toward online shopping.

“Q2 sales started strong, both in-store and online, particularly in general merchandise, helped by government stimulus spending,” Walmart said in an investor slide deck Tuesday. “Grocery sales had another strong quarter. As stimulus funds tapered off, sales started to normalize, but July comps still grew more than 4%.”

The estimates-topping results came even as the company took a $380 million charge. to restructure its business, including with moves like layoffs.

6:13 p.m. ET Monday: Stock futures open slightly lower

Here were the main moves in equity markets, as of 6:13 p.m. ET:

  • S&P 500 futures (ES=F): 3,378.00, down 1.75 points, or 0.05%

  • Dow futures (YM=F): 27,761.00, down 14 points, or 0.05%

  • Nasdaq futures (NQ=F): 11,285.25, down 1.5 points, or 0.01%

A trader makes a phone call outside the New York Stock Exchange (NYSE) on July 20, 2020 at Wall Street in New York City. – Wall Street stocks were mixed early July, 20, 2020 as markets awaited congressional debate on another round of stimulus spending and major earnings releases later in the week. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)

TwitterFacebookInstagramFlipboardLinkedIn, and reddit.” data-reactid=”83″>Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit.

Find live stock market quotes and the latest business and finance news” data-reactid=”84″>Find live stock market quotes and the latest business and finance news

For tutorials and information on investing and trading stocks, check out Cashay” data-reactid=”85″>For tutorials and information on investing and trading stocks, check out Cashay

Source Article

Next Post

National Treasure Betty Gilpin Is Ready for America’s ‘Gut Renovation’

Tue Aug 18 , 2020
Mike Pont/Getty Betty Gilpin has been folding paper cranes. It’s a hobby the GLOW actress taught herself by watching YouTube tutorials around 10 years ago when she quit smoking. And now, in coronavirus quarantine times, it’s something to do. Her medium of choice? Cardboard New Yorker subscription tear-outs. “It has […]