- The rally in U.S. equities continued at midday on Wednesday, Nov. 15, 2023, as a report on producer prices showed a slowdown in wholesale inflation.
- Target shares soared after the big retailer posted earnings that were better than anticipated.
- However, shares of another retailer, TJX, slid on the company's holiday sales forecast.
The rally for U.S. equities continued at midday after a report showing a drop in wholesale prices, a day after the Labor Department reported a slowdown in consumer inflation. The Dow, S&P 500, and Nasdaq were all higher.
Target (TGT) shares soared as the retailer posted better-than-expected earnings on consumer demand for what the retailer called “trendy” items.
Shares of Catalent (CTLT) jumped as the maker of syringes indicated the booming demand for injectable weight-loss drugs will drive sales.
VF Corporation (VFC) shares also surged after JPMorgan upgraded the stock and raised the price target, citing optimism about new CEO Bracken Darrell’s turnaround plan for the maker of Vans and North Face brands.
TJX (TJX) shares stumbled as the retailer’s outlook for the key holiday shopping season was less than analysts had anticipated. Shares of Assurant (AIZ) fell as the insurance provider named a new CFO and COO.
Oil futures declined and gold prices were little changed. The yield on the 10-year Treasury note took off. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded in the green.