Ozva AdminThe stock market extended gains in afternoon trading on Tuesday, with the S&P 500 leading the way. Retail earnings generated multiple headlines.
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At 1:20 p.m. ET, the S&P 500 extended its gain to 1%. The Nasdaq Composite rose 0.8%, while the Dow Jones Industrial Average rose 0.9%. The small-cap Russell 2000 rose 0.4%. All indices were at session highs.
Volume rose on the Nasdaq and fell on the NYSE versus the same time on Monday.
The IBD Innovative 50 ETF (ffty) rose 2.9%, extending its gains, as energy and other natural resource stocks led the way.
IBD Stock 50 pharmaceutical catalysts(CPRX) came out of a cup base with handle in heavy volume. It is in a buy zone at 17.60 from its buy point of 16.76.
Digital World Takeover (DWAC) rose nearly 5% as it continued volatile trading. Shareholders of the special acquisition company approved a one-year term extension to make former President Donald Trump’s social media platform public.
Focus on key retail profits
The stock market had a number of earnings reports to ponder on Tuesday morning, including some key retailers.
Best Buy (BBY) rose 11.7% after the consumer electronics chain beat profit and sales expectations for the quarter ended October. The company expressed optimism about the holiday shopping season. Still, profit fell 34% and sales fell 11% from the prior-year period as the company extended a string of declining results year-over-year.
Best Buy is the best stock in the S&P 500 today. The stock is testing potential resistance at the 200-day moving average.
Dick’s Sporting Goods (dks) beat estimates for the October quarter and raised guidance for the balance of its fiscal year ending in January. Shares rose 5.5% as they continued to form a spotty base. Dick also climbed back above the 50 day moving average.
dollar tree (DLTR) also beat quarterly expectations but gave a mixed holiday forecast. The stock fell nearly 8.7%, dipping below the 200-day moving average.
Burlington Stores (SPECK) rose 18.5% in afternoon trading despite a 11% revenue decline and 17% decline in same-store sales. CEO Michael O’Sullivan acknowledged that the discount clothing chain should have performed better.
“As we described in August, the consumer value framework changed significantly in 2022, but we did not respond aggressively enough to this change,” it said in the earnings report. “So in the third quarter we took significant steps to improve the value and mix of our assortment.”
O’Sullivan said those actions fueled an improvement from mid-October through November. “This encourages us, but given the external risks, we maintain our guidance for the fourth quarter.”
Stock Gains: Analog Devices, Medtronic
clothes chain American Eagle Providers(OAS) jumped 18% and surpassed its 200-day moving average for the first time since September 2021. The company cited strong sales in your Aerie businesswho is known for her leggings and lingerie.
Foreign trade, analog devices (GOING) rose more than 5% after the chipmaker reported Earnings above analyst expectations. Management also raised the perspective of him. The move moved Analog Devices closer to the buy point of 167.96 of a cup base with handle.
Medtronic (MDT) lost 6.1% after a mixed Quarterly Report, in which EPS fell 2% and sales decreased 3%. The company is best known for implantable heart devices. Medtronic shares are experiencing their biggest drop since June 11, 2020, when they fell 6.9%.
While there were no major economic releases this morning, several will be out on Wednesday. These include jobless claims, durable goods orders, new home sales and consumer confidence data from the University of Michigan.
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