(As of 7:20 am PST)
Stocks are on the move higher erasing most of yesterday’s
losses, with triple digit gains on the Dow.
Investors were focused on earnings reports from several retailers
including Target and Tiffany & Co. in early action. Target reported a 16% drop in earnings,
mostly related to the data breach which occurred over the holiday season. Shares were higher this morning despite the
sharp decline in earnings. Shares of
Tiffany & Co. surged 9% after a strong earnings report that beat analyst
estimates. The retail sector is leading
this morning’s gains after causing a selloff yesterday when poor results from
Staples and TJ Maxx dominated headlines.
Investors are also preparing for a day chock-full of Fed speakers
including newly elected Fed Chairwoman Janet Yellen. Minutes from the Fed’s recent Federal Open
Market Committee meeting will be released later this morning, which will have
investors looking for clues about the first rate hike. European markets are following Wall St.
higher while Asian markets finished on a mixed note. Gold and oil are both
lower while treasury prices are on the decline ahead of the Fed minutes. Barring any unforeseen policy moves from the
Fed, it looks like today is shaping up to be a nice day on the markets.
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