- Retail sales rose the highest since March, beating October expectations
- The S&P 500 is up as optimism seeps into the market
- Walmart dips 0.8%, Home Depot surges 4% as Americans begin holiday shopping earlier than usual
US stocks rose on Tuesday after freshly released data showed retail sales had seen their biggest increase since March.
According to data released by the Commerce Department, retail sales for October surged 1.7% to see the US record three consecutive jumps in retails as consumers appeared to scramble for early holiday shopping amid fears of rising prices.
October sales beat analyst forecasts thanks to recorded surges in increases in food services, building materials, gasoline, and automobiles.
Wall Street indexes closed largely flat on Monday after yet another day without clear direction from the Federal Reserve on inflation. However, optimism has seen Wall Street edge towards a higher close this Tuesday despite lingering concerns from investors. On the day, retail and technology shares have contributed the most to indexes’ gains.
The S&P 500 is up by 0.3%, the Dow Jones Industrial Average 0.5% higher, and Nasdaq 100 slightly pinned at +0.1%.
Walmart dips, Home Depot shares jump on earnings
Retail giant Walmart’s stock price is down 0.8% at the time of writing despite the company’s annual sales growth over the last quarter. The Walmart share price had surged in the session after the earnings report but has faced some pressure, with sellers likely pushed by concerns from across the market.
As for Home Depot Inc., the stock has surged by 3.5% on the day, with the investors gaining more than $11.00 amid better than expected quarterly results in its same-store sales.
According to the company’s CEO Craig Menear, a rise in home improvement sales helped third-quarter sales jump 6.1%. The company expects increased spending over the holiday season to aid the outlook for the 4th quarter, with higher estimates in retail sales.
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