Ultime notizie per SPDR S&P Retail ETF (ARCA:XRT)

SPDR S&P Retail ETF

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In seeking to track the performance of the S&P Retail Select Industry Index (the index), the fund employs a sampling strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the retail segment of the S&P Total Market Index (S&P TMI).

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US Retail Sales Month Over Month (Oct) +0.4% vs +0.3% Est.; Prior +0.8%

With the presidential election just two weeks away, investor risk appetite is taking a pause, resulting in a broadly flat week for Wall Street. Election uncertainty continues to loom large among investors as concerns persist over fiscal policies and potential trade <a href="https://www.benzinga.com/news/global/24/10/41545408/tariffs-are-inflationary-imf-deputy-chief-rejects-trumps-trade-policies-as-elections-loom">disruptions due to tariffs.</a>
Treasury yields rose further during the week, reflecting growing expectations that regardless of the election outcome, the next administration may struggle to enact stricter fiscal measures.
Adding to the cautious mood, the International Monetary Fund issued warnings on the long-term trajectory <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41495286/deficit-strain-in-washington-will-get-worse-imf-warns-national-debt-projections-rev">of U.S. national debt. </a>&nbsp;
The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), endured three consecutive losing sessions before rebounding slightly to end the week, as strong earnings reinforced the view that corporate America remains resilient.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was the standout in earnings this week, with investors cheering after the company announced plans to launch more affordable models by the <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">first half of 2025</a>. Shares of Tesla surged 21% on Thursday, marking the stock&#8217;s biggest single-day gain since May 2013.
Looking ahead, the spotlight turns to next week's earnings from five of the Magnificent Seven: Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) — as well as official October labor market statistics.
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<h1 class="wp-block-heading">Musk's Wealth Surges</h1>
<a href="https://www.benzinga.com/markets/equities/24/10/41538307/elon-musk-sees-33-5b-wealth-surge-in-a-day-as-tesla-stock-adds-nearly-150b-in-best-performance-i">Elon Musk's fortune skyrocketed</a> by $33.5 billion in one day following Tesla's stock rally that boosted its valuation by nearly $150 billion. This impressive market performance underscores investors' renewed optimism in Tesla's future growth and dominance in the EV sector.
<h1 class="wp-block-heading">Boeing Strike Continues</h1>
Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) machinists rejected a proposed 3.5% wage hike, prolonging <a href="https://www.benzinga.com/markets/equities/24/10/41507795/boeing-machinists-reject-35-wage-hike-deal-extending-5-week-strike-amid-6b-loss-and-cash-burn-wa">their five-week strike</a>. The ongoing labor dispute compounds Boeing&#8217;s financial struggles, with the company already facing a $6 billion loss and significant cash burn as it seeks to resolve worker grievances.
<h1 class="wp-block-heading">GM Earnings Impress</h1>
General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) reported better-than-expected third-quarter earnings, with revenue and <a href="https://www.benzinga.com/news/earnings/24/10/41451229/general-motors-q3-earnings-revenue-and-eps-beat-raises-annual-profit-outlook-on-growing-consumer-de">EPS surpassing forecasts.</a> Buoyed by strong consumer demand, the company raised its annual profit outlook, reinforcing its growth momentum and financial resilience. <a href="https://www.benzinga.com/news/24/10/41521047/why-general-motors-gm-stock-is-up-7-this-week">Shares rallied over 7%.</a>
<h1 class="wp-block-heading">Holiday Spending Outlook</h1>
U.S. shoppers plan to spend $2,100 this holiday season, up 7% from 2023, according to a Bank of America survey. The increase signals robust consumer confidence, brightening the outlook for retail stocks, as gauged by the SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>). Historical trends suggest they usually <a href="https://www.benzinga.com/markets/equities/24/10/41531380/us-shoppers-plan-to-spend-2-100-this-holiday-season-7-higher-than-2023-when-should-traders-start">outperform after the holiday season.</a>
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Photo: Wall Street illustration created using artificial intelligence via MidJourney.

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Investors Cautious With Election Ahead, Treasury Yields Surge Further, Tesla Surprises: This Week In The Market

U.S. consumers plan to shell out $2,100 on holiday shopping this year, a 7% increase over 2023, according to a <a href="https://www.benzinga.com/topic/bank-of-america">new survey from Bank of America</a>.
The 2024 holiday season promises to be dynamic, with more consumers shopping earlier and spending more, despite lingering economic concerns. 
Online shopping continues to grow, and reward points are increasingly becoming a go-to tool for managing holiday expenses. Gift cards, meanwhile, are solidifying their place as a favored gift option across generations.
See Also:<a href="https://www.benzinga.com/markets/emerging-markets/24/10/41528747/oil-prices-fall-as-us-top-israeli-negotiators-plan-meeting-in-doha-for-gaza-cease-fire-h"> Oil Prices Fall As US, Top Israeli Negotiators Plan Meeting In Doha For Gaza Cease-Fire, Hostage Talks</a>
<h3 class="wp-block-heading">Early Holiday Shopping Trends: A Shift Toward Black Friday</h3>
According to the survey, 54% of consumers expect to shop on Black Friday, making it the most popular day for holiday deals. 
Moreover, 49% of respondents intend to begin their holiday shopping on Black Friday, Cyber Monday, or even earlier, showing that the demand for early-season discounts continues to dominate.
In terms of spending, Americans are expected to shell out an average of $2,100 during the holiday season, marking a 7% increase compared to 2023. Generational differences are evident, with Baby Boomers budgeting about $800, while Gen X will spend around $1,200. 
On the higher end, Millennials plan to spend $4,000, and Gen Z forecasts around $3,300.
<h3 class="wp-block-heading">Economic Strain And Shopping Preferences</h3>
The survey reveals that 62% of Americans anticipate financial strain due to holiday expenses—though this is a slight improvement from last year&#8217;s 67%. 
Younger generations, particularly Gen Z and Millennials, are the most likely to feel this pressure, with 68% in each group expecting financial strain. In contrast, 63% of Gen X and 54% of Baby Boomers share the same concern.
Nearly 60% of respondents plan to shop more at discount retailers compared to last year, with a preference for wholesalers/big-box stores (54%), e-commerce sites (41%) and dollar stores (39%). 
Online shopping remains a crucial part of the holiday retail landscape. 48% of survey respondents said they will increase their online shopping this year, while 13% plan to shop online less. 
This surge aligns with the latest Bank of America&#8217;s credit and debit card data, which shows that online spending at retailers increases by about 35% during November and December compared to non-holiday months.
Millennials lead the charge in online shopping, with 43% of their retail transactions made online, while Gen Z trails with 33%.
<h3 class="wp-block-heading">Gift Cards: The Preferred Holiday Choice</h3>
Gift cards continue to be a popular choice for both givers and receivers during the holidays. The Bank of America survey found that nearly 99% of people who receive gift cards appreciate them. 
More than six out of 10 consumers received gift cards during last year's holiday season, with 35% of respondents saying they prefer gift cards over physical gifts. Additionally, 61% of consumers are equally satisfied with both gift cards and traditional presents.
Regarding gift card usage, 47% of consumers used all of their holiday gift cards last year, while 19% used most of them and 9% used only half.
According to the survey, 75% of consumers plan to start buying gift cards no earlier than October, with 13% making purchases in October, 35% in November, and 27% waiting until December. 
Gen Z leads the pack in receiving gift cards with 79% having received them during the holidays, followed by 75% of Millennials, 69% of Gen X, and 52% of Baby Boomers.
<h3 class="wp-block-heading">Market Implications: The Best Time To Buy Retail Stocks Is After The Holiday Season</h3>
A seasonality analysis of the SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>), a popular retail-focused exchange traded fund which includes heavyweights like Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), and Best Buy Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>), uncovers a surprising trend: despite the holiday season being a retail bonanza for consumers, it&#8217;s actually a historically weak period for retail stocks. 
Over the last 17 years, the holiday months have shown on average negative performances for the retail sector, while the strongest gains are concentrated in the first four months of the year.
For retail stocks, December represents the second-worst month of the year after June, with an average drop of 1.46%. In contrast, February and January are the best months, with average gains of 2.16% and 1.1%, as per TradingView data. 
The rationale behind this counterintuitive trend may lie in the timing of earnings reports. Investors tend to wait for post-holiday earnings results, which often reflect the success of the season. 
As those results come in after the holidays, there's a rush of buying on positive news, causing stock prices to rally early in the following year, rather than during the holiday period itself.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/24152706/image-245-1024x500.png" alt="" class="wp-image-612942" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/24152706/image-245-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/24152706/image-245-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/24152706/image-245-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/24152706/image-245-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/24152706/image-245.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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US Shoppers Plan To Spend $2,100 This Holiday Season, 7% Higher Than 2023: When Should Traders Start Buying Retail Stocks?

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Benzinga Market Summary: ECB Cuts Rates, Chip Stocks Gain After Strong Guidance From TSM, Sept. Retail Sales Beat Estimates

Consumers remained a pillar of support for the economy despite the high interest-rate environment that has prevailed since early 2022. With the <a href="https://www.benzinga.com/markets/equities/24/09/40965372/fed-delivers-large-interest-rate-cut-in-bid-to-sustain-labor-market-stocks-gold-set-new-record-h">Federal Reserve implementing a substantial 50 basis-point</a> rate cut, the benefits of which are expected to trickle down to them, consumers are forecasted to splurge on purchases this holiday season, according to early forecasts provided by Adobe on Wednesday.
Vibrant Spending: Consumer E-commerce spending will likely reach a record $240.8 billion from Nov. 1 to Dec. 31, Adobe said. This included spending online, discounting, &#8216;Buy Now, Pay Later,&#8217; mobile shopping and more, it said. The forecast would mean an 8.4% year-over-year increase from the $221.8 billion spent in 2023, which saw a more modest 4.9% growth.
Electronics, apparel and furniture/home goods will account for the bulk of the spending. The firm&#8217;s analytics show spending on Black Friday &#8211; the Friday that follows the Thanksgiving Thursday, and Thanksgiving day will grow 9.9% and 8.7%, respectively. Cyber Monday online spending is expected to be up a more modest 6.1%.
Adobe expects discounts to peak at 30% this season, and drive over $2 billion in incremental online spending for retailers. The firm also said consumers will likely trade up to more expensive goods this season as opposed to the trend seen in recent months. Expensive goods will likely make up 19% of the share of the total online spending. In electronics, the share will likely be a steeper 58%.
Mobile shopping could make up 53.2% of total online spending and spending through BNPL could see another record this time. BNPL sales are expected to rise 11.4% to $18.5 billion, over 75% of this driven by mobile purchases.
See Also: <a href="https://www.benzinga.com/money/best-retail-stocks">Best Retail Stocks</a>
Best Time To Buy: This time around, discounts would be more spread out, with deals starting in October itself, Adobe said, adding that goods could trade up to 16% off the listed price in October. The discount could go up to 18% in November before the Cyber Week.
Hot Sellers: Among the most sought-after items are:
<ul>
<li> Bluey Ultimate Lights</li>
<li> Sounds Playhouse​</li>
<li> Slime Kits</li>
<li>Sony Group Corp.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNE#NYSE">SNE</a>) PlayStation 5</li>
<li>Madden NFL 25</li>
<li>Apple, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40971882/as-apples-iphone-16-goes-on-sale-analyst-says-demand-off-to-strong-start-keeping-cu">iPhone 16</a></li>
<li> ice cream maker Ninja Creami</li>
</ul>
Stock Implications: With most spending likely happening online, those retailers having a strong online presence could be the ones to benefit the most. Pureplay electronics retailers such as Best Buy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NASDAQ">BBY</a>), Apple and Sony, e-commerce giant Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and retailers such as Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) and Costco Wholesale Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COST#NYSE">COST</a>) could also be preferred destination for buying consumer electronics goods. 
Madden NFL 25 is an American football video game developed by Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) Orlando and published by EA Sports. It could be bought on EA&#8217;s website, Amazon, or any other video game retailer.
BNPL stocks such as Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>), Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), and PayPal, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) could reap the benefit of rising interest in purchases via the BNPL route.
The Commerce Department&#8217;s <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40897882/retail-sales-rise-0-1-in-august-more-than-expected-boosting-odds-of-larger-fed-ra">retail sales report for August </a>released earlier this month showed an unexpected increase as weak auto &amp; auto parts sales were more than offset by strength in online sales, underlining the underlying strength. 
The SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>) ended Tuesday&#8217;s session up 0.80% at $77.13 but it has lost about 0.8% for the year even as the broader market hovers at a record high. The Fed rate cuts &#8211; the one announced and the two more anticipated before the year-end, and the seasonally strong holiday season could bring these stocks back to favor in the near term.
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Top 10 Stock Picks For The Holiday Boom: Adobe Forecasts Unprecedented E-Commerce Sales This Season

Victoria&#8217;s Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) shares are trading higher on Wednesday. Barclays analyst Adrienne Yih upgraded Victoria&#8217;s Secret to Equal Weight from Underweight and <a target="_blank" href="https://benzinga.com/quote/VSCO/analyst-ratings" rel="noreferrer noopener">raised the price target to $25 from $23</a>.
The analyst writes that the company has moved past its most challenging period. Despite a significant loss of market share in recent years, VSCO still holds around 20% of the U.S. intimate market.
The analyst says that they are more positive about the company due to the new management team&#8217;s industry experience, the second-half of FY24 guidance surpassing consensus expectations, a return to core brand values with new product innovations, and an anticipated recovery in merchandise margins from improved sales-to-inventory in the fourth quarter of 2023.
However, Yih remained cautious about the company until they saw positive sales growth, increased market share, and new product launches.
The turnaround for Victoria&#8217;s Secret and PINK is still in progress, and the analyst expects more significant impacts from new leadership in 2025.
The analyst estimates adjusted EPS of $2.04, $2.31, and $2.54 for FY24, FY25, and FY26, respectively.
Last month, Victoria&#8217;s Secret reported second-quarter revenue that fell 1% Y/Y to $1.417 billion, beating the $1.41 billion estimate. Adjusted EPS of $0.40 <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40626140/whats-going-on-with-lingerie-giant-victorias-secret-stock-today" rel="noreferrer noopener">beat the $0.36 consensus</a>.
For the&nbsp;third quarter, Victoria&#8217;s Secret expects&nbsp;net sales to increase in low-single digits&nbsp;Y/Y and adjusted loss per share of&nbsp;$0.60&nbsp;–<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> $0.80&nbsp;vs.&nbsp;$0.65&nbsp;loss estimate</a>.
Investors can gain exposure to the stock via&nbsp;Tidal ETF Trust Aztlan Global Stock Selection DM SMID ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZTD#NYSE">AZTD</a>) and SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>).
Price Action: VSCO shares are up 3.7% at $25.17 at the last check Wednesday.
Photo via <a href="https://commons.wikimedia.org/wiki/File:Victoria%27s_Secret_Store_10,_722_Lexington_Ave,_New_York,_NY_10022,_USA_-_Dec_2012.JPG">Wikimedia Commons</a>
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Victoria's Secret New Leadership Is Steering Brand Back To Core Values, Analyst Upgrades Stock

A possible strike by thousands of dockworkers at <a href="https://www.benzinga.com/government/24/09/40713418/retailers-plea-for-deal-us-ports-union-start-two-day-talk-in-effort-to-prevent-disruptive-strike">East and Gulf coast ports</a> in October could result in major disruptions in the supply chain of goods coming in and out of the U.S., according to an export on container trade.
The International Longshoremen's Association (ILA), representing more than 85,000 dockworkers, may go on strike on Oct. 1 as the union&#8217;s contract expires on Sept. 30 and negotiations between the ILA and U.S. Maritime Alliance of terminal operators show signs of breaking down, said Christian Roeloffs, CEO of online container leasing platform Container xChange.
&#8220;A strike now appears increasingly likely, threatening to disrupt nearly half of the nation&#8217;s ocean trade,&#8221; he said on Tuesday.
&#8220;The uncertainty is compounded by the fact that the duration of these strikes is unclear — it could be resolved within weeks or drag on for months, as seen with the West Coast strike last year.
&#8220;September is traditionally one of the busiest months for U.S. containerized imports, driven by the peak shipping season as businesses prepare for the holiday rush.&#8221;
Read Also: <a href="https://www.benzinga.com/news/global/24/08/40451543/transatlantic-container-shipping-volumes-rise-as-possible-strike-at-u-s-ports-hovers">Transatlantic Container Shipping Volumes Rise As Possible Strike At U.S. Ports Hovers</a>
But it isn&#8217;t just a strike that threatens to disrupt the shipment of goods for the retail, automotive and other sectors, he said.
&#8220;This year presents an unprecedented combination of challenges that could heavily impact supply chains. Potential labor strikes, natural disasters, and tariff uncertainties are converging, creating a highly volatile environment for global trade,&#8221; he said. 
&#8220;This also led to the pulling forward of orders by retailers, which led to strong inventories in the U.S.&#8221;
A strike could also cause havoc for container leasing and trading companies by causing major delays, port congestion and rerouted cargo, Roeloffs said.
"Companies should anticipate short-term spikes in demand for leased containers as retailers rush to secure goods ahead of potential disruptions, particularly for seasonal inventory and industrial shipments," he said.
&#8220;While the threat of strikes looms large, it's important to note that U.S. inventories are currently strong due to the pulling forward of orders earlier this year to avoid existing disruptions. 
The retail, automotive and semiconductor industries, all of which could be impacted by a port strike, saw gains and losses into Tuesday&#8217;s mid-day trading.
<h1 class="wp-block-heading">Retail</h1>
<ul>
<li>Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) fell 1.18% to $79.61</li>
<li>Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) slipped 0.26% to $152.45</li>
<li>Home Depot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) gained 0.89% to $385.42</li>
</ul>
<h1 class="wp-block-heading">Automotive</h1>
<ul>
<li>Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) gained 1.30% to $10.94</li>
<li>General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) picked up 1.59% to $47.62</li>
<li>Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) slipped 0.18% to $15.16</li>
</ul>
<h1 class="wp-block-heading">Semiconductor</h1>
<ul>
<li>Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) fell 0.43% to $168.35</li>
<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) declined 0.87% to $162.59</li>
<li>Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) rose 1.13% to $68.50</li>
</ul>
<h1 class="wp-block-heading">Indexes that follow the retail and automotive sectors trended upward</h1>
<ul>
<li>Dow Jones Transportation Average, which is tracked by the iShares Transportation Average ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IYT#BATS">IYT</a>), rose 1.2% to 16,032.91 points</li>
<li>S&amp;P Retail Select Industry Index, which is tracked by the SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>), gained 1.4% to 10,375.45 points</li>
<li>S&amp;P 500 Automobiles &amp; Components Index&nbsp;rose 2.7% to 130.02 points. There is no exchanmge-traded fund that closely follows this index, but First Trust S-Network Future Vehicles &amp; Tech ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARZ#NASDAQ">CARZ</a>) provides broad exposure to global automobile manufacturers and related companies, including those in the S&amp;P 500 Automobiles &amp; Components Index.</li>
</ul>
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<li><a href="https://www.benzinga.com/news/global/24/08/40497103/strikes-at-us-ports-canadas-railways-may-cause-container-freight-rate-volatility">Strikes At US Ports, Canada&#8217;s Railways May Cause Container Freight Rate Volatility</a></li>
</ul>
Photo: Shutterstock

AVGO

CARZ

iShares Dow Jones Transportation Average Index Fund

QCOM

STLA

US Port Strike In October Could Lead To Major Supply-Chain Disruptions, Says Container Trade Expert

Caleres, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAL#NYSE">CAL</a>) shares are trading lower after the company reported worse-than-expected second-quarter results<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40828702/caleres-reports-second-quarter-results-and-updates-guidance" rel="noreferrer noopener"> and lowered its annual outlook</a>.
The company reported revenues of $683.32 million, missing the analyst consensus of $723.80 million. Famous Footwear sales rose 1.5% Y/Y, driven by a later-than-expected back-to-school season.
Meanwhile, Brand Portfolio sales fell 5.1%, impacted by operational reporting challenges from its SAP ERP implementation and weak seasonal demand in certain areas.
The company&#8217;s gross margin rate expanded 30 basis points year-over-year to 45.5%, with EBITDA totaling $57.2 million. Adjusted EPS of $0.85 <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">missed the consensus of $1.22</a>.
The company disclosed restructuring actions that are expected to result in $7.5 million in annualized SG&amp;A savings, with $2 million in savings anticipated for fiscal 2024.
Outlook: The company lowered its guidance for FY24 net sales to decline by low single digits, compared to its <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">previous guidance of flat to up 2%</a>.
Caleres lowered its fiscal 2024&nbsp;outlook&nbsp;for EPS to&nbsp;$3.94&nbsp;&#8211;&nbsp;$4.09&nbsp;versus prior&nbsp;guidance&nbsp;of&nbsp;$4.30&nbsp;&#8211;&nbsp;$4.60&nbsp;and guided adjusted EPS of&nbsp;$4.00&nbsp;to&nbsp;$4.15 (consensus $4.42), which excludes&nbsp;$3 million&nbsp;in restructuring costs expected to occur in the&nbsp;third quarter.
For the&nbsp;third quarter, Caleres expects net sales to be flat to down 2% and adjusted EPS of $1.30 &#8211; $1.40 versus estimate of&nbsp;$1.50.
Jay Schmidt, president and chief executive officer, said, &#8220;While our brands and products continue to resonate with consumers and we remain confident in our long-term vision, our second quarter results in both segments fell short of our potential.&#8221;
&#8220;Our systems implementation led to lack of visibility that prevented us from delivering our expected results. We also experienced weak seasonal demand and back-to-school business came later than expected.&#8221;&nbsp;
&#8220;We are confident in our ability to get back on track and have addressed the issues from the ERP implementation that temporarily impacted visibility. We are also accelerating certain restructuring actions to improve the efficiency and effectiveness of our teams.&#8221;&nbsp;
As of August 3, 2024, inventories stood at $661.1 million, with cash and equivalents of $51.8 million. Borrowings under the asset-based revolving credit facility totaled $146.5 million at the end of the period.
In the near term, the company expects to continue focusing on reducing debt and still expects borrowings under its asset-based revolving credit facility to be less than&nbsp;$100 million&nbsp;by 2026.
Investors can gain exposure to the stock via SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>) and Cambria ETF Trust Cambria Micro and SmallCap Shareholder Yield ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MYLD#BATS">MYLD</a>).
Price Action: CAL shares are down 18.7% at $30.28 at the last check Thursday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com//node/40833559" target="_blank" rel="noreferrer noopener">Kroger&#8217;s Mixed Q2 Bag: Steady Sales, Earnings Beat, Revised Identical Sales Outlook &amp; More</a></li>
</ul>

Earnings

Guidance

MYLD

Footwear Company Caleres Faces Tough Q2 With Lowered FY24 Forecast As Back-To-School Sales Lag

Port employers and the union representing East and Gulf coasts dockworkers begin <a href="https://www.benzinga.com/news/global/24/08/40497103/strikes-at-us-ports-canadas-railways-may-cause-container-freight-rate-volatility">a two-day meeting</a> in New Jersey to prevent a strike that would disrupt maritime commerce along the entire U.S. Eastern Seaboard.
Talks on a labor deal for six of the 10 busiest ports stopped in June when the International Longshoremen&#8217;s Association called off wage negotiations with the U.S. Maritime Alliance (USMX) that represents ocean carriers and port operators, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-04/us-port-talks-kick-off-in-bid-to-avoid-economy-disrupting-strike?sref=TBDibEcD">reported</a>.
U.S. retailers are once again asking the White House to help about 45,000 dockworkers and 36 ports come to a resolution before a looming Sept. 30 deadline.
"At a time when inflation is on the downward trend, a strike or other disruption would significantly impact retailers, consumers and the economy,&#8221; National Retail Federation (NRF) CEO Matthew Shay said in a statement on Tuesday.
&#8220;The administration needs to offer any and all support to get the parties back to the table to negotiate a new contract."
The NRF said it led a coalition of 158 state and federal trade associations in June in sending a letter to President Joe Biden urging his administration to work with the union and the terminal operators toward ending the deadlock. It also sent a letter to both sides earlier this year asking them to resume labor talks.
Read Also: <a href="https://www.benzinga.com/government/24/08/40526448/canadian-government-intervenes-to-avoid-economic-crisis-orders-railways-back-to-work">Canadian Government Intervenes To Avoid Economic Crisis, Orders Railways Back To Work</a>
&#8220;The threat of a strike during the peak shipping season has many retailers already implementing costly mitigation,&#8221; Shay said.
"At a time when inflation is on the downward trend, a strike or other disruption would significantly impact retailers, consumers and the economy.&#8221;
The union is seeking a wage hike of nearly 80% over six years, compared to the 32% pay increase that West Coast dockworkers received last summer after ironing out a labor deal.
ILA President&nbsp;Harold Daggett&nbsp;has repeatedly warned of a strike if no deal is reached by the deadline and has opposed using automation at port terminals.
USMX has said they have given an &#8220;industry-leading&#8221; offer on wages and proposed keeping the language on automation out of the existing contract.
Price Action: Major retailers and the exchange-traded funds that hold retail stocks saw losses into Wednesday&#8217;s mid-morning trading.
<ul>
<li>Home Depot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) was down 0.77% to $361.87</li>
<li>Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) slipped 0.039% to $77.15</li>
<li>Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) fell 0.12% to $151.62</li>
<li>SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>) declined 0.89% to $74.37</li>
<li>VanEck Retail ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTH#NASDAQ">RTH</a>) was down 0.51% at $207.58.</li>
<li>Direxion Daily AMZN Bull 2X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZU#NASDAQ">AMZU</a>) slid 1.42% to $29.25.</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/top-stories/24/08/40515606/2-railway-strikes-3-us-sectors-in-trouble-277b-in-goods-at-stake-as-canadian-unions-call-for-new-con">2 Railway Strikes, 3 US Sectors In Trouble: $277B In Goods At Stake As Canadian Unions Call For New Contracts</a></li>
</ul>
Photo: Shutterstock

Government

AMZU

Merrill Lynch Retail HOLDRS Trust due 12/31/41

Retailers Plea For Deal: US Ports, Union Start Two-Day Talk In Effort To Prevent Disruptive Strike

Victoria&#8217;s Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) shares are trading lower after the company reported <a href="https://www.benzinga.com/pressreleases/24/08/g40611993/victorias-secret-co-reports-second-quarter-2024-results" target="_blank" rel="noreferrer noopener">second-quarter results yesterday</a>.
Revenue fell&nbsp;1%&nbsp;Y/Y to&nbsp;$1.417 billion, beating the consensus of $1.41 billion. Total comparable sales for the quarter decreased 3%.
Adjusted operating income stood at $62 million vs. $49 million a year ago. &nbsp;Adjusted EPS&nbsp;of&nbsp;$0.40 beat&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$0.36</a>, slightly above the recently reported <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40362042/victorias-secret-co-appoints-hillary-super-chief-executive-officer" rel="noreferrer noopener">preliminary adjusted EPS of $0.34 &#8211; $0.39.</a>
Interim Chief Executive Officer and Chief Financial and Administrative Officer Timothy (TJ) Johnson said, &#8220;Our financial results for the second quarter came in at the high end of expectations and we delivered year-over-year quarterly operating income growth for the first time since 2021.&#8221;
&#8220;We are encouraged our North America business trends have continued to improve as we&#8217;ve moved through August and the start of the third quarter. Early customer feedback on our fall assortments is encouraging for both the Victoria&#8217;s Secret and PINK brands, and our beauty business has continued solid performance and is driving traffic to our stores.&#8221;
Outlook: For the&nbsp;third quarter, Victoria&#8217;s Secret expects&nbsp;net sales to increase in low-single digits&nbsp;Y/Y and adjusted loss per share of&nbsp;$0.60&nbsp;&#8211;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> $0.80&nbsp;vs.&nbsp;$0.66&nbsp;loss estimate</a>.
The company revised its full-year&nbsp;outlook for net sales to decrease by about 1%, an improvement from the prior guidance of a decline in low-single digits.
This month, the company appointed Hillary Super as Chief Executive Officer, effective September 9. Investors can gain exposure to the stock via SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>).
Price Action: VSCO shares are down 8% at $22.88 at the last check Thursday.
Photo via <a href="https://commons.wikimedia.org/wiki/File:Victoria%27s_Secret_Store_10,_722_Lexington_Ave,_New_York,_NY_10022,_USA_-_Dec_2012.JPG">Wikimedia Commons</a>
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40607469/us-stocks-chipmakers-fall-ahead-of-nvidia-earnings-berkshire-hits-1-trillion-super-micro-c" target="_blank" rel="noreferrer noopener">US Stocks, Chipmakers Fall Ahead Of Nvidia Earnings, Berkshire Hits $1 Trillion, Super Micro Computer Sinks: What&#8217;s Driving Markets Wednesday?</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Emerging Markets

What's Going On With Lingerie Giant Victoria's Secret Stock Today?

Foot Locker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) shares are diving today after it released <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40598452/foot-locker-q2-earnings-revenue-and-eps-beat-multiple-store-closures-inventory-falls-10-and-more" rel="noreferrer noopener">second-quarter results</a>.
The company reported a second-quarter adjusted EPS loss of 5 cents,&nbsp;beating the&nbsp;analyst consensus estimate of a 7-cent&nbsp;loss and sales of $1.896 billion, beating the&nbsp;street view of $1.888 billion.
The company reiterated fiscal 2024&nbsp;sales change of (1%)-1%, or $8.072 billion to $8.236 billion vs. the consensus of $8.130 billion and adjusted EPS guidance&nbsp;of&nbsp;$1.50-$1.70 versus the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$1.54 consensus</a>.
J.P.Morgan analyst Matthew R. Boss reiterated the <a href="https://www.benzinga.com/quote/FL/analyst-ratings">Underweight rating on the stock.</a>
The analyst writes that July comps rose mid-single digits, slightly outperforming June, which was also up mid-single digits compared to May&#8217;s low single-digit decline.
Boss further adds that same-store sales improved alongside reduced markdowns, driven by Foot Locker&#8217;s enhanced product offerings, stronger marketing, and better store experiences.
Additionally, the analyst says that increased in-store productivity from a new workforce management tool and the relaunch of the FLX rewards program boosted loyalty penetration to 24% of net sales, compared to 22% last year.
The analyst writes that for the second half of the year, same-store sales are implied to be up 2.5%, vs. 2.6% growth in the second quarter and 0.4% in the first half of 2024. This equates to a -1.9% two-year stack, improving from the -8.9% seen in the first half.
The analyst adds that the implied gross margin is expected to expand by 360 basis points year-over-year in H2, reaching the midpoint of FY24 guidance of 29.5-29.7%, compared to a 50 bps increase in the quarter and a 40 bps decline in the first half of 2024.
Investors can gain exposure to the stock via&nbsp;Tidal Trust II YieldMax Ultra Option Income Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ULTY#NYSE">ULTY</a>)&nbsp;and&nbsp;SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>).
Price Action: FL shares are down 10.5% at $29.36 at the last check Wednesday.
Photo by Sorbis via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40559764/goldman-sachs-highlights-foot-lockers-digital-rebound-and-costcos-new-membership-cr" target="_blank" rel="noreferrer noopener">Goldman Sachs Highlights Foot Locker&#8217;s Digital Rebound And Costco&#8217;s New Membership Crackdown</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Reiteration

ULTY

Foot Locker's Enhanced Product Offerings Boost Sales, But Analyst Warns of H2 Challenges

Goldman Sachs analyst Kate McShane provided an update on digital trends at Foot Locker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) and new card-scanning rules at Costco Wholesale Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>).
Foot Locker: The analyst says that Goldman Sachs&#8217; analysis following the re-launch of the FLX rewards program in June 2024 shows that monthly app downloads in July 2024 reached 191K, up from 121K in June 2024 and 167K in July 2023 but below the monthly <a target="_blank" href="https://www.benzinga.com//node/39476765" rel="noreferrer noopener">average of 218K since January 2019</a>.
McShane writes that app downloads turned positive in June 2024 on Y/Y basis, with a +10% increase in both June and July 2024, marking the first positive <a target="_blank" href="https://www.benzinga.com/quote/fl/analyst-ratings" rel="noreferrer noopener">inflection since November 2022</a>.
As per the conversation with the management, the analyst says that the company views this as a multi-year initiative, with 2024 focused on educating both customers and employees about the program.
Foot Locker will launch a redesigned app later this year with real-time updates, enhanced functionality, and FLX integration. In early 2025, the app will introduce &#8220;Store Mode&#8221; for SKU scanning and checking product availability, adds the analyst.
Investors can gain exposure to the stock via&nbsp;Tidal Trust II YieldMax Ultra Option Income Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ULTY#NYSE">ULTY</a>)&nbsp;and SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/24/08/40393687/retail-sales-soar-in-july-weekly-jobless-claims-undercut-expectations-traders-lea" rel="noreferrer noopener">Retail Sales Soar In July, Weekly Jobless Claims Undercut Expectations: Traders Lean Towards 25-Basis-Point Cut In September</a>
Costco Wholesale: This month, Costco announced it will introduce membership scanners near warehouse entrances to crack down on <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40265381/costco-cracks-down-on-non-members-entering-the-store-will-sams-club-and-bjs-follow-suit" rel="noreferrer noopener">non-members slipping inside the store</a>.
Visitors who do not have a photo on their Costco card must present another form of photo ID to enter the store. Membership fees, required to enter the store, are a key part of Costco&#8217;s business model and comprise a good chunk of its profits.
The analyst says that in the third-quarter earnings call in May 2024, the company highlighted testing front door scanners that significantly <a target="_blank" href="https://www.benzinga.com/quote/cost/analyst-ratings" rel="noreferrer noopener">improved register speed</a>.
McShane writes that examining potential implications from Netflix, the company introduced paid sharing to monetize the over 100 million households using Netflix without directly paying for a subscription.
Investors can gain exposure to the stock via&nbsp;SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) and&nbsp;Fidelity MSCI Consumer Staples Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSTA#NYSE">FSTA</a>).
Price Action: COST shares are up 1.23% at $890.00 and FL shares are trading higher by 1.22% at $33.11 at the last check Monday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/08/40431394/brighter-outlook-goldman-sachs-optimistic-on-u-s-economy-cuts-recession-risk-down-to-20" target="_blank" rel="noreferrer noopener">Brighter Outlook: Goldman Sachs Optimistic On U.S. Economy, Cuts Recession Risk Down To 20%</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

FSTA

Goldman Sachs Highlights Foot Locker's Digital Rebound And Costco's New Membership Crackdown

Benzinga Market Summary: RFK To Reportedly Back Out This Week, Fed Minutes Show Majority At July Meeting Support Easing Policy If Data Aligns, Retail Stocks Gain On Earnings From Target And TJX

SIRI

Benzinga Market Summary: Market Sentiment Gains On Upbeat Retail Sales And Soft Jobless Claims, Walmart Surges On Guidance Hike, Berkshire Hathaway Adds To Stake In Sirius XM

Benzinga Market Summary: Retail Sales Beat Estimates, UnitedHealth Surges On Earnings, RNC To Resume Tonight

Benzinga Market Summary: Multiple Banks Report Earnings, June Retail Sales Beat Estimates, Gold Rises

Macro Notification

Core Retail Sales (MoM) (Jun) +0.4% vs +0.1% Est.

Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) shares are trading lower after the company announced today that it has terminated discussions with Arkhouse Management Co. LP and Brigade Capital Management, LP, citing the proposal does not provide compelling value.
The decision comes after months of engagement without reaching an actionable proposal with certainty of financing and compelling value.
Macy&#8217;s Board and management team have engaged with <a target="_blank" href="https://www.benzinga.com/m-a/23/12/36169920/investor-group-pitches-5-8-billion-acquisition-proposal-for-macys" rel="noreferrer noopener">Arkhouse and Brigade since December 2023.</a> In March 2024, a confidentiality agreement was signed to facilitate due diligence after an increased proposal <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37449882/why-is-department-store-chain-macys-stock-surging-today" rel="noreferrer noopener">from $21.00 to $24.00 </a>per share, with potential for further increase upon access to detailed diligence.
Macy&#8217;s spent hundreds of hours <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37843172/macys-opens-financial-records-to-arkhouse-brigade-report" rel="noreferrer noopener">addressing extensive diligence requests</a>, providing detailed documents, and permitting contact with over a dozen financing sources.
Despite this, Arkhouse and Brigade failed to deliver a definitive, fully financed proposal by the agreed deadline, said the retailer.
On June 26, 2024, Arkhouse and Brigade submitted a &#8220;check in&#8221; <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39645354/whats-going-on-with-department-store-major-macys-shares-on-friday" rel="noreferrer noopener">letter with a $24.80 per share offer</a>, which the Board found insufficient.
The accompanying financing papers lacked the certainty needed for a viable offer, leading to the termination of discussions.
The Board found the financing commitment letters highly conditional and not meeting the necessary standards.
They required further extensive diligence, including third-party appraisals of over 140 store and distribution center locations, which was deemed unacceptable.
Macy&#8217;s will now concentrate on executing its &#8220;A Bold New Chapter&#8221; strategy to enhance shareholder value, moving forward from the stalled acquisition discussions.
The company plans to share additional details on the progress underway as part of its&nbsp;second-quarter&nbsp;2024 earnings report next month.
Macy&#8217;s stock has gained more than 2% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P MidCap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>) and SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>).
Price Action: M shares are trading lower by 15% at $16.22 at last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Rydex ETF Trust S&P Midcap 400 Pure Value ETF

Why Is Department Store Chain Macy's Stock Getting Battered Today?

Stocks gave varied reactions on Friday morning to the June <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39748331/june-producer-inflation-exceeds-forecasts-restrains-investor-euphoria-following-c">Producer Price Index </a>from the U.S. Bureau of Labor Statistics rising 0.2% on a monthly basis.
<h3 class="wp-block-heading">June PPI Report: Key Highlights</h3>
<ul>
<li>In June, the headline PPI for final demand rose by 0.2% month-over-month, rebounding sharply from the upwardly revised flat reading in May and surpassing economists' expectations – as tracked by TradingEconomics – of a 0.1% increase.</li>
<li>The June rise in the index for final demand is attributed to a 0.6% monthly increase in prices for final demand services, while the index for final demand goods decreased by 0.5%.</li>
<li>The 2.6% annual surge in the headline number represented a 0.2 percentage point increase from the upwardly revised May print, and topped estimates of 2.3%.</li>
<li>The core PPI – which tracks prices for final demand less foods, energy, and trade services – advanced at a 0.4% monthly pace, advancing from May's upwardly revised 0.3% growth and surpassing estimates of 0.2%.</li>
<li>On an annual basis, the core PPI climbed by 3.1%, up from the previous 2.3% and marking the highest rate of increase since April 2023.</li>
</ul>
Also Read: <a href="https://www.benzinga.com/markets/23/07/33219704/more-inflation-cheer-as-june-ppi-lighter-than-expected-lifting-markets-ahead-of-fridays-bank-earning">More Inflation Cheer As June PPI Lighter Than Expected, Lifting Markets Ahead Of Friday&#8217;s Bank Earnings</a>
Before the <a href="https://www.bls.gov/news.release/ppi.nr0.htm">PPI </a>release, markets assigned a 6.7% probability of a rate cut to 5.00%-5.25% in July, a 91.7% chance of maintaining that range in September, and a 54.6% probability of a further cut to 4.75%-5.00% in November, according to the CME FedWatch Tool.
Treasury yields gave mixed reactions to the PPI data. The rate-sensitive two-year yield slipped to 4.485% before the market open, while the long-dated 10-year yield ticked up to 4.205%. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) slid 0.37%. The dollar fell slightly.
Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), slipped 0.25%.
The S&amp;P 500 index was up 0.65%, while the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500, ticked up 0.19% on Friday morning.
The tech-heavy Nasdaq Composite was up 0.71% on Friday morning to 18,412, while the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) picked up 0.15%.
Price Action: Retailers gave mixed reactions to the PPI data. Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) was 0.42% lower at $69.48, while Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) slipped 0.32% to $194.42.
SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>) ticked 1.35% higher, while VanEck Retail ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTH#NASDAQ">RTH</a>) gained 0.45% and Direxion Daily AMZN Bull 2X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZU#NASDAQ">AMZU</a>) declined 0.95% on Friday morning.
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Photo: Shutterstock

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Shares of department store chain Macy&#8217;s Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) are <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">rising in premarket today</a>. An investor group aiming to purchase Macy&#8217;s has reportedly increased its bid for the second time after previous offers failed.
Arkhouse Management and Brigade Capital Management recently raised their proposal by approximately $300 million, <a target="_blank" href="https://www.wsj.com/business/deals/investor-group-raises-macys-buyout-offer-again-69988d03" rel="noreferrer noopener">reported </a>The Wall Street Journal.
The new bid values Macy&#8217;s stock at $24.80 per share, totaling around $6.9 billion, according to people who spoke to the Wall Street Journal.
In March, Arkhouse and Brigade increased their offer to $24 per share, or about $6.6 billion, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37449882/why-is-department-store-chain-macys-stock-surging-today" rel="noreferrer noopener">up from the $21-per-share proposal submitted in December.</a>
Macy&#8217;s shares closed at $17.93 on Wednesday, giving the company a market value of nearly $5 billion.
Related Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39544821/target-tightens-shoplifting-rules-reduces-threshold-to-50-report" rel="noreferrer noopener">Target Tightens Shoplifting Rules, Reduces Threshold To $50: Report</a>
In April, Macy&#8217;s appointed two independent directors, concluding a proxy battle with Arkhouse, which had sought to replace most of the board.
Macy&#8217;s announced that its board was engaging with Arkhouse and Brigade on their buyout proposal, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37843172/macys-opens-financial-records-to-arkhouse-brigade-report" rel="noreferrer noopener">providing confidential information for due diligence.</a>
Macy&#8217;s reported a decline in <a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38939266/macys-q1-surprises-with-profit-beat-and-upgraded-outlook-amid-sales-challenges-heres-the-scoop" rel="noreferrer noopener">first-quarter sales in late May</a>, which missed Wall Street&#8217;s expectations.
The company, under CEO Tony Spring, who took over in February, updated its outlook for the year.
Investors can gain exposure to the stock via Invesco S&amp;P MidCap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>) and SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>).
Price Action: M shares are trading higher by 8.59% at $19.47 in premarket at least check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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