Wall St. technology, jumps with energy; Target News weighs in on retailers

A trader works on the site of the New York Stock Exchange (NYSE) in New York City, USA on June 1, 2022. REUTERS / Brendan McDermid

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  • The target margin cut hits some retail stocks
  • Kohlin’s sales talks with Franchise Group
  • Indices: Dow up 0.8%, S&P 500 up 1%, Nasdaq 0.9%

NEW YORK, June 7 (Reuters) – U.S. stocks ended higher for the second day in a row on Tuesday as technology and energy stocks gained, while retail stocks weighed heavily on Target Corp’s overvalue warning session.

Apple Inc (AAPL.O) Shares rose 1.8% despite news that the company will replace the connector on iPhones sold in Europe by 2024, after EU countries and lawmakers agreed to a single charging port for mobile phones, tablets and cameras.

S&P 500 Technical Code (.SPLRCT) 1% rise, giving the benchmark index its biggest boost. Microsoft Corp. (MSFT.O) The shares added 1.4%.

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S&P 500 Energy Sector Code (.SPNY) Oil prices have risen sharply since 2014, rising 3.1%.

At the same time, shares of Target Corp. (TGT.N) It fell 2.3% after the retailer said it should offer deeper discounts and reduce storage of preferred items. read more

Stock trading was active, with indices falling at the start of the day, but the market is recovering from recent steep losses.

Recently, Tim Grisky, Ingols’ senior portfolio strategist, said, “We’ve had a good jump … Investors in general are feeling better now. & Snyder in New York.

“At some point, we will put it at a bottom and the market will rise. Given the many fundamental issues that plague the market, it is difficult for us to believe it at any time,” he said. “Of course what we saw from the target today is not good news for consumers.”

Long-term U.S. Treasury yields fell after target news, however, which sparked some speculation that inflation may have worsened in the past.

Dow Jones Industrial Average (.DJI) The S&P 500 was up 264.36 points, or 0.8%, at 33,180.14 (.SPX) 39.25 points or 0.95% to 4,160.68, the Nasdaq joint (.IXIC) 113.86 points, or 0.94%, to 12,175.23.

Shares of Walmart (WMT.N) Fell 1.2%, and the S&P retail index (.SPXRT) Was down 1%.

Consumer price data on Friday are expected to show a rise in inflation in May, although key consumer prices, with the exception of volatile food and energy sectors, are likely to decline on an annual basis.

Not all retailers are red. Cole Corp. (KSSN) Shares rose 9.5% after news broke that the department store chain was in exclusive talks with franchisee Group Inc., a retail store operator. (FRG.O) A potential sale worth nearly $ 8 billion. read more

Progress issues are higher than declining issues at a rate of 2.36 to -1 in the NYSE; At Nasdaq, the 1.69-to-1 ratio was in favor of the advanced.

S&P 500 3 new 52-week highs and 30 new lows; The Nasdaq Composite set 35 new highs and 121 new lows.

The volume of US exchanges was 10.38 billion shares, compared to the full session average of 12.50 billion in the last 20 trading days.

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Report by Carolyn Waltkevich in New York Additional Report by Devik Jain, Susan Mathew, Mehnaz Yasmin in Bangalore, Editing by Maju Samuel and Matthew Lewis

Our standards: Thomson Reuters Trust Principles.

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