Spencer Platt / Getty Images News
The stock market maintained gains on Thursday at noon with solid results that remove part of the recent sadness of the retail sector.
The Nasdaq (COMP.IND) + 2.3%, up 273 to 11,707, S&P (SP500) + 1.9%, up 74 to 4,053 and the Dow Jones (DJI) + 1.6%. from 516 to 32,636, they are all higher.
The 11 S&P sectors are higher with Consumer Discretionary performing better. Healthcare is the weakest sector.
The S&P XRT retail ETF is up nearly 5%, dollar stores are up and Macy’s is up more than 15%. Amazon and Tesla lead the megacaps.
Alibaba rises more than 13% after Chinese Internet giant posted better-than-expected quarterly results as companies increased COVID-19-related blockchains in China.
The 10-year Treasury yield rose almost 3 basis points to 2.78% and the 2-year yield fell 2 basis points to 2.48%.
Home sales pending in April fell by almost 4%, more than the forecast of a fall of 1.5% and the sixth consecutive month of falls.
This is one more proof of a rapidly evolving hot real estate market.
“Mortgage applications have plummeted in recent months, falling a total of 26%, with no funds still in sight as potential buyers shy away from rising mortgage rates,” he said. say Pantheon Macro, which called the sales outlook “unequivocally bleak.” . “
“It’s not a rocket science; when the monthly payment of a potential home buyer increases by 50% in eight months, demand falls. its time “.
Weekly unemployment claims were lower than expected in 5K. The data showed that the claims were 210,000 compared to the expected level of 215,000 and the previous figure of 218,000.
At the same time, the second look at GDP in the first quarter fell to -1.5% compared to the forecast of -1.3%, the initial estimate of -1.4% and + 6.9% of the fourth quarter.
Among the active stocks, cruise lines join the dollar stores at the top of the S&P list of winners. Kraft Heinz is the biggest decline as UBS becomes bearish.
And GameStop is back in the running as retail investors battle a new wave of short-term interest.