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Aug. 16, 2022, 4:24 p.m. EDT

Dow rises for fifth day to highest close since April as retailer stocks fuel rally

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By Joseph Adinolfi and William Watts

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Other retailers that rallied on Tuesday included Target Corp. /zigman2/quotes/207799045/composite TGT -0.53% Lowe’s Cos. /zigman2/quotes/205563664/composite LOW -0.30% and Kohl’s Corp. /zigman2/quotes/210414114/composite KSS -0.88% — all three of which will report earnings later this week. Their shares were up 4.6%, 2.9%, and 6.1%, respectively, while, Best Buy Co. Inc. /zigman2/quotes/205918291/composite BBY +0.15% was up 4.5% and Ross Stores Inc. /zigman2/quotes/202639496/composite ROST +0.86% gained 2.8%.

But the biggest gains were seen in shares of retailer “meme stocks” like Bed Bath & Beyond Inc . /zigman2/quotes/209801102/composite BBBY +1.69% which closed 29% higher after a wild session , while Overstock.com Inc. /zigman2/quotes/200022359/composite OSTK +1.33% gained 11.8%.

While investors on Reddit forums like Wall Street Bets cheered the rally in Bed Bath & Beyond, B. Riley analyst Susan Anderson has advised investors that they should dump the stock , arguing that the move has led to “unrealistic” valuations.

Economic data released Tuesday showed U.S. housing starts fell 9.6% in July , while building permits were down1.3%.

In addition, U.S. industrial production rose 0.6% in July , according to data from the Federal Reserve. The gain topped Wall Street expectations of a 0.3% increase, according to a survey by The Wall Street Journal.

Finally, investors are looking ahead to an update on Fed thinking due Wednesday, when the central bank will release the minutes of its last monetary policy meeting.

Companies in focus

  • World Wrestling Entertainment Inc. /zigman2/quotes/207109722/composite WWE +1.76% delivered second-quarter results that beat expectations and said it wrapped up a probe of former chief executive Vince McMahon. A special committee identified $19.6 million in unrecorded expenses, which will be paid by McMahon. WWE said it’s revising its previously issued financial statements to record the unrecorded expenses for the years ended 2019, 2020 and 2021, as well as the first quarter of 2021 and 2022. Shares rose 1.5%.

  • Apple Inc. /zigman2/quotes/202934861/composite AAPL -0.34% laid off 100 contract workers in charge of recruiting, according to Bloomberg. Shares fell 0.2%.

  • Royal Caribbean Cruises Ltd. /zigman2/quotes/208854639/composite RCL -0.66% gained 4% even after the company refinanced with a new batch of junk bonds yielding more than 11%.

How other assets traded

  • West Texas Intermediate crude for September delivery  /zigman2/quotes/211629951/delayed CL.1 +0.45% dropped fell $2.88, or 3.2%, to settle at $86.53 a barrel on the New York Mercantile Exchange 

  • The ICE U.S. Dollar index /zigman2/quotes/210598269/delayed DXY -0.21% was virtually unchanged.

  • December gold /zigman2/quotes/210034565/delayed GC00 +0.10% futures settled below $1,790 on Tuesday as the yellow metal saw back-to-back losses.

  • Treasury yields inched higher, with the 10-year yield rising to 2.839% from 2.79%  

  • Bitcoin /zigman2/quotes/31322028/realtime BTCUSD +0.12% fell 0.8% to trade below $24,000.

  • The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.15% rose 0.2%, while London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.03% gained 0.4%.

  • Asian stocks saw a mixed finish, with the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.29% edging up 0.1%, while the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.33% fell 1% in Hong Kong and Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -1.59% saw a fractional decline.

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/zigman2/quotes/207799045/composite
US : U.S.: NYSE
$ 164.16
-0.87 -0.53%
Volume: 3.44M
Dec. 2, 2022 4:03p
P/E Ratio
22.48
Dividend Yield
2.63%
Market Cap
$75.56 billion
Rev. per Employee
$241,602
loading...
/zigman2/quotes/205563664/composite
US : U.S.: NYSE
$ 214.84
-0.64 -0.30%
Volume: 3.24M
Dec. 2, 2022 4:03p
P/E Ratio
21.06
Dividend Yield
1.95%
Market Cap
$129.91 billion
Rev. per Employee
$282,215
loading...
/zigman2/quotes/210414114/composite
US : U.S.: NYSE
$ 31.52
-0.28 -0.88%
Volume: 7.23M
Dec. 2, 2022 4:00p
P/E Ratio
7.44
Dividend Yield
6.35%
Market Cap
$3.48 billion
Rev. per Employee
$187,657
loading...
/zigman2/quotes/205918291/composite
US : U.S.: NYSE
$ 86.60
+0.13 +0.15%
Volume: 2.69M
Dec. 2, 2022 4:00p
P/E Ratio
12.95
Dividend Yield
4.06%
Market Cap
$19.50 billion
Rev. per Employee
$456,457
loading...
/zigman2/quotes/202639496/composite
US : U.S.: Nasdaq
$ 119.00
+1.02 +0.86%
Volume: 2.12M
Dec. 2, 2022 4:00p
P/E Ratio
28.88
Dividend Yield
1.04%
Market Cap
$41.30 billion
Rev. per Employee
$185,022
loading...
/zigman2/quotes/209801102/composite
US : U.S.: Nasdaq
$ 3.60
+0.06 +1.69%
Volume: 11.31M
Dec. 2, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$289.31 million
Rev. per Employee
$213,428
loading...
/zigman2/quotes/200022359/composite
US : U.S.: Nasdaq
$ 26.59
+0.35 +1.33%
Volume: 766,699
Dec. 2, 2022 4:00p
P/E Ratio
134.16
Dividend Yield
N/A
Market Cap
$1.22 billion
Rev. per Employee
$1.58M
loading...
/zigman2/quotes/207109722/composite
US : U.S.: NYSE
$ 80.50
+1.39 +1.76%
Volume: 536,198
Dec. 2, 2022 4:00p
P/E Ratio
31.15
Dividend Yield
0.60%
Market Cap
$5.99 billion
Rev. per Employee
$1.47M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 147.81
-0.50 -0.34%
Volume: 65.45M
Dec. 2, 2022 4:00p
P/E Ratio
24.22
Dividend Yield
0.62%
Market Cap
$2351.38 billion
Rev. per Employee
$2.40M
loading...
/zigman2/quotes/208854639/composite
US : U.S.: NYSE
$ 60.51
-0.40 -0.66%
Volume: 2.95M
Dec. 2, 2022 4:03p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$15.44 billion
Rev. per Employee
$84,927
loading...
/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 80.34
+0.36 +0.45%
Volume: 260,529
Dec. 2, 2022 4:59p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
104.51
-0.22 -0.21%
Volume: 0.00
Dec. 2, 2022 4:59p
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,811.40
+1.80 +0.10%
Volume: 177,152
Dec. 2, 2022 4:59p
loading...
/zigman2/quotes/31322028/realtime
US : CoinDesk
16,977.56
+20.89 +0.12%
Volume: 0.00
Dec. 4, 2022 9:53a
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
443.29
-0.67 -0.15%
Volume: 0.00
Dec. 2, 2022 11:03p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,556.23
-2.26 -0.03%
Volume: 0.00
Dec. 2, 2022 4:58p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,156.14
-9.33 -0.29%
Volume: 30.78B
Dec. 2, 2022 3:00p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
18,675.35
-61.09 -0.33%
Volume: 3.76M
Dec. 2, 2022 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
27,777.90
-448.18 -1.59%
Volume: 0.00
Dec. 2, 2022 3:15p
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