Wall Street is drifting and may be headed toward its first back-to-back gain in what’s been a miserable August.
City Councilwoman Heather Hutt recently introduced a motion to ban cashless retail businesses in Los Angeles. Whether that’s a good thing depends on whom you ask.Analysts expect Nvidia to say on Wednesday that its revenue swelled by nearly $4.5 billion during the spring to $11.19 billion from a year earlier.
Another Big Tech stock, Microsoft, was the strongest single force pushing the S&P 500 higher. It rose 0.7% as U.K. regulators consider a revamped bid by the company, which would be one of the biggest deals in tech history. Also helping to lift the S&P 500 was Lowe’s, which rose 4% after reporting stronger profit for the latest quarter than analysts expected. The home improvement retailer also stood by its forecast for results over the full year, and said it gave over $100 million in bonuses to its front-line workers.
On the losing side of Wall Street, Dick’s Sporting Goods plunged 24.3% after its profit for the latest quarter fell well short of expectations. It also cut its forecast for earnings over the full year, citing “inventory shrink.” That’sMacy’s fell 6.7% despite reporting stronger results for the latest quarter than Wall Street expected. It also stood by its financial forecasts for the full year, though itIn the bond market, the 10-year Treasury yield ticked up to 4.35% from 4.34% late Monday.
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