- The S&P 500 posted gains of 0.2% on Wednesday, Nov. 15, 2023, with positive inflation news helping send U.S. equities higher.
- Target shares skyrocketed as the retailer blew out earnings estimates, boosted by sales of more "trendy" items.
- Off-price retailer TJX reduced its holiday quarter profit forecast, and its shares slumped.
More positive news on inflation helped U.S. equities continue their rally, with the S&P 500 adding 0.2% Wednesday.
The Labor Department reported that wholesale prices eased in October just a day after a similar update on consumer prices, adding to optimism that the Federal Reserve won't need to increase interest rates further.
Target (TGT) shares skyrocketed 17.8% after the retailer reported profit that was well above expectations as customers bought higher-priced "trendy" items.
VF Corporation (VFC) shares jumped 14.1% following an upgrade by J.P. Morgan. Analysts also increased their price target on VF stock, pointing to optimism that new CEO Bracken Darrell will implement a successful turnaround plan for the maker of the Vans and North Face brands.
Catalent (CTLT) shares soared 11.3% as it reported the booming market for injectable weight-loss drugs is driving demand for its pre-filled syringes. Meanwhile, Eli Lilly (LLY) shares dipped 3.7% after a report that the drug maker will spend more than $1 billion on a new plant in Germany.
Amazon (AMZN) shares lost 1.8% following a request by European regulators for more information about the online retailing giant's steps to comply with the European Union's (EU) Digital Services Act (DSA).