Wall Street inched toward marginal gains early today with a focus on the retail sector, according to the Associated Press, a day after markets suffered their first losing day in nearly two weeks. Futures for the Dow Jones Industrial Average and S&P 500 each ticked up 0.2% before the bell.
Target shares jumped 13.4% after the Minneapolis retailer reported that comparable sales rose for the first time in a year. Target has made a point of trying to attract cash-strapped, inflation-weary customers with bargains, particularly in the grocery aisles.
Heading in the opposite direction was Macy’s, which fell 6.4% after it suffered yet another sales decline. The department store chain cut its annual revenue forecast due to “a more discriminating consumer” and the need to roll out more discounts to entice them.
Energy companies Arch Resources and Consol Energy announced today that they were combining in an all-stock merger, sending shares in each company up more than 3%. The combined company, Core Natural Resources, will be a leading producer and exporter of high-quality, low-cost coals, the companies said.
In energy trading, benchmark U.S. crude added 19 cents to $73.36 per barrel. Brent crude, the international standard, picked up 23 cents to $77.43 per barrel.
In currency trading, the U.S. dollar rose to 145.97 yen from 145.13 yen.
