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Stock markets remain mixed amid debt ceiling talk and Fed rate hike outlook

Stock markets remain mixed amid debt ceiling talk and Fed rate hike outlook


Yahoo Finance Markets Contributor Remy Blaire discusses current investor sentiment as markets react to the possibilities of the Fed’s upcoming interest rate decision.

Video transcript

Alright, we want to dive deeper into the latest market actions. And to help us do that, let’s call on Yahoo Finance contributor Remy Blaire. It’s on the New York Stock Exchange. Remy?

REMY BLAIRE: Well, Wall Street traded both sides of the flat this morning after a mixed open. Keep in mind this follows yesterday’s market rally, which saw the Dow Jones, NASDAQ and S&P 500 close up more than 1%. In today’s session, the NASDAQ continues to extend its gains and is up about 1% as we head into the midday hour.

Of course, the latest economic data releases as well as earnings are digested this morning. We got a mixed set of economic data. We saw existing home sales decline in April, while the Conference Board’s leading economic index fell for the 13th consecutive month. The Philly Fed index of factory activity also fell. And weekly jobless claims for the past week have also fallen. Of course, it all depends on the implications of all this economic data in terms of the Fed’s rate hike path.

Now, in terms of the latest earnings report, shares of Bed– Bath & Body Works are rising this morning. Today, the maker of body care products and fragrances saw its shares soar 10%. And that follows the company reporting earnings and revenue that beat expectations. This happened even though sales were weaker than expected. The maker of scented candles as well as hand sanitizers, body care products, body lotions and body washes managed to raise its full-year forecast.

Now, this week, we’ve been tracking the latest earnings from retailers, such as Target and Home Depot. And we’ve seen a pullback in discretionary spending from those earnings reports. But looking at the schedule ahead, we’ll have Lowe’s results next week, as well as Foot Locker at the end of this week. We will therefore have more information on the spending habits of American consumers.

Well, the focus has certainly been on the retailer this week. Rémy Blaire, our thanks to you.




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