Wall Street pointed higher before Wednesday’s opening bell as attention shifts to major retailers that are releasing quarterly earnings, according to the Associated Press. Futures for the Dow Jones Industrial Average rose 0.3%, and the S&P 500 climbed 0.4%.
Target shares took off in premarket trading, rising more than 15% after the Minneapolis retailer reported better-than-expected profits and sales in its third quarter. Some of the profit gain was attributed to the company’s efforts to keep costs down on the assumption that sales would lag from a year ago, which they did by 4%.
Other big retailers also forecast sales declines as consumers pay more attention to spending. TJX Cos., Walmart, and Macy’s all post quarterly results this week.
Home Depot reported Tuesday, beating both revenue and profit expectations even as sales continue to slide.
In energy trading, benchmark U.S. crude fell 38 cents to $77.88 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, lost 31 cents to $82.16 per barrel.
In currency trading, the U.S. dollar rose to 150.44 Japanese yen, up from 150.37 yen late Tuesday.
