U.S. stock index futures edged higher on Wednesday as top lawmakers inched closer to a deal to avert a debt default. However, after an hour of talks yesterday, McCarthy told reporters the two sides remained far apart on an agreement.
Target Corp (TGT) on Wednesday forecast profit below Wall Street expectations and estimated a drop in sales for the second quarter. “Right now (the American consumer is) spending more due to inflation, saving less and delaying major purchases,” Chief Growth Officer Christina Hennington said in a media call. The company also said theft and organized crime could reduce this year’s profitability by more than $500 million compared to 2022.
Crude oil futures are slightly higher. Gold held below $2,000 while the yield on the US 10-year Treasury note rose past the 3.5% mark. Emerging market currencies hit a three-week low on Wednesday, as jitters around the U.S. debt ceiling boosted the dollar, while concerns about China’s slow economic recovery after a slew of downbeat data also weighed on sentiment.
Wall Street’s main indexes closed lower on Tuesday after weak results from Home Depot and a reading on U.S. April retail sales that missed expectations highlighted the impact of higher prices and interest rates on consumers. Market participants are now bracing for a range trade at the S&P 500 Index over the near-term, around the 3,800 to 4,200 levels, Morgan Stanley’s chief U.S. equity market strategist Michael Wilson said earlier this week.
Range trading also continues in the DJIA as the Nasdaq once again failed to close above the long-term resistance line.
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