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Stock futures are little changed after Lowe’s and Target post earnings beats

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November 17, 2021
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Stock futures were little changed in morning trading Wednesday as investors weighed earnings reports from big-box retailers Target and Lowe’s.

Futures on the Dow Jones Industrial Average slipped by 14 points. S&P 500 futures and Nasdaq 100 futures were little changed.

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Home improvement giant Lowe’s got a boost after reporting earnings that easily beat Wall Street expectations. The stock initially popped in premarket trading as the company not only topped the Street view but also raised its full-year sales forecast. Shares were last higher by less than 1%.

Target posted beats on the top and bottom lines, however, its CEO noted rising costs related to supply chain issues and compensation could have an impact going forward as the company plans to absorb those costs rather than passing them onto the customer. Shares slid 3.3% premarket.

Shares of Dow component Boeing rose nearly 2% in premarket trading after the company received an Akasa Air order for its 737 MAX worth $9 billion. The aerospace company’s stock has been a laggard this year, up just 5.5%.

Also, Tesla moved higher by about 1% as the stock continues its rebound after founder and CEO Elon Musk sold a chunk of his shares.

On the downside, Visa shares slumped about 2% after Amazon said it will stop accepting payments made via Visa credit cards issued in the U.K. starting next year.

The moves in futures trading come after fresh economic data and corporate earnings signaled U.S. consumers are ramping up spending despite rising prices.

The Dow added 54.77 points, or 0.15%. The S&P 500 gained 0.39% and the Nasdaq Composite rose 0.76%.

Retail sales rose 1.7% in October, the Commerce Department reported Tuesday, faster than economists expected. The figure measures how much consumers spend on goods across a number of categories.

Strong quarterly results from Home Depot also boosted investor sentiment Tuesday. The home improvement retailer led gainers on the Dow after earnings topped analyst estimates. Walmart also reported better-than-expected results, though its shares declined.

“US stocks rallied after an impressive retail sales report, solid industrial production data, and retail earnings showed the consumer is handling the current pricing increases. All signs are pointing to a very strong holiday season for retailers and that should help keep sending stocks higher,” Edward Moya, senior market analyst at Oanda, said in a Tuesday note.

Investors await more retail earnings Wednesday from TJX, Bath & Body Works and Victoria’s Secret. Other major companies reporting results Wednesday include Cisco Systems and Nvidia.

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