Retail Stocks Bounce On Earnings Reports
Everyone knows consumer spending is down, right? But the action in the retail stocks today is an example of what happens when expecations get too low. Kohl's (KSS), Nordstrom (JWN), JCPenney (JCP), and Abercrombie (ANF) all reported earnings, and all of their stocks are bouncing nicely this morning.
The University of Michigan consumer sentiment survey came in at 61.7, which is up slightly from its prior reading of 61.2.
The dollar is up again, and this is pressuring commodities. Oil and gold are both lower, with oil getting closer to $111. The drop in oil from its highs, with barely a bounce along the way, has been breathtaking. But now that lower oil is becoming so obvious, we will probably see some sort of relief rally, just to keep the majority of investors on their toes.
The 10-year yield is lower at 3.85%, and the volatility index has broken below 20 and bears watching. The markets are all higher in early trading, and we'll have to see if any Friday profit taking sets in later in the session.