Top retail chains are set to release their earnings reports this week, with Walmart projected to have steady earnings but a slight decrease for the full year. However, Q1 revenue is expected to increase by 5% and the year is set to see a 3% gain.
Meanwhile, Target faces a challenge, with earnings anticipated to decline nearly 19% in a fifth consecutive quarter before potentially rising by 40% for the year.
Walmart stock is nearly at a buy point while Target has been holding steady in consolidation since last year’s Q2 report.
Home Depot stock is currently lagging due to mixed signals from the housing market, and analysts predict the company will experience its first earnings and revenue declines in at least two years, with more likely to come in the future.
This week, several prominent companies are expected to unveil their earnings, including Cisco Systems, Inc. with a market capitalization of $191.3 billion, Alibaba Group Holding Limited with a market capitalization of $220.8 billion, and Deere & Company with a market capitalization of $110.8 billion.
These announcements are sure to impact the financial world and attract attention from investors and industry experts alike. Stay tuned for the latest updates.
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Stock Market Today
Monday’s U.S. stock market ended on a high note with the Dow Jones Industrial Average breaking its five-day losing pattern. Investors kept a close eye on the developments of the federal government’s debt ceiling negotiations.
The S&P 500 finished near 4,136, up by 0.3%, while the Dow Jones Industrial Average grew by 0.1%, and the Nasdaq Composite increased by 0.7%, with an estimated 12-point gain.
Apple Stock Positive Prospects
According to Bloomberg data, Apple Inc. now holds a market capitalization higher than that of the entire Russell 2000, a record that has been ongoing for two weeks.
This measurement determines a company’s value based on all outstanding stock. The only other time Apple surpassed the small-cap index was for a single day on September 1, 2020.
Treasury Yield Go Higher
Treasury yields saw growth on Monday morning, with the 20- and 30-year rates leading the way. This increase comes amidst positive sentiment regarding a potential agreement on the debt-ceiling. Notably, the 30-year rate rose by 6 basis points to 3.835%, following a second consecutive weekly gain.
The outlook remains promising as President Joe Biden and congressional leaders engage in further discussions on Tuesday.
Premarket Equity Movers
NeoGames skyrockets 120% following Aristocrat’s acquisition of digital lottery platform; Oneok falls 5% after buying Magellan Midstream Partners for $18.8 billion in cash and stock; Newmont dips 0.3% after acquisition of Australian gold and copper producer Newcrest for $17.5 billion.
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