February 4, 2023

Market and Financial News

Market and Financial News Aggregator

5 things to know before the stock market opens Tuesday, June 7

2 min read

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street set to open lower as bond yields remain high

Traders work on the floor of the NYSE, June 6, 2022.

Source: NYSE

U.S. stock futures dropped Tuesday, with elevated bond yields playing spoiler again. Sentiment also took a hit on shares of Target falling more than 8% in the premarket on a profit warning.

  • The Dow Jones Industrial Average gave up nearly all of Monday’s more than 300-point gain by the close as the benchmark 10-year Treasury yield topped 3%, hitting its highest level in nearly a month.
  • The S&P 500 and the Nasdaq were able to hold on to more of their Monday advances than the Dow, finishing 0.3% and 0.4% higher, respectively.
  • Despite strong gains in the week leading up to Memorial Day, last week’s losses kept the Dow and the S&P 500 firmly in corrections and the Nasdaq in a bear market, based on declines from their prior all-time highs.

2. Target shares sink after the retailer warns about earnings

A person walks into a Target store in Washington, DC, on May 18, 2022.

Stefani Reynolds | AFP | Getty Images

Target warned Tuesday that earnings will take a short-term hit as the retailer marks down unwanted items, cancels orders and takes aggressive steps to get rid of extra inventory. Target anticipates its operating margin rate for the fiscal second quarter will be around 2%. That’s lower than the outlook it gave less than three weeks ago when it reported a wider fiscal first-quarter earnings miss, which sent the stock down roughly 25% in its worst single-day performance on Wall Street since 1987.

3. Kohl’s jumps after entering into sale talks with Vitamin Shoppe owner

The Kohl’s logo is displayed on the exterior of a Kohl’s store on January 24, 2022 in San Rafael, California.

Justin Sullivan | Getty Images

Kohl’s shares surged nearly 10% in Tuesday’s premarket, the morning after the department store chain said it entered into exclusive sale negotiations with…

2022-06-07 08:20:42

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