NEW YORK — Wall Street is ticking higher in early trading, on track for its first back-to-back gain in what’s been a miserable August. The S&P 500 was up 0.3% early Tuesday, coming off a gain powered by Big Tech stocks. The Dow was little changed and the Nasdaq composite was up 0.6%. Stocks have struggled this month as yields shot higher in the bond market. The yield on the 10-year Treasury was holding steady, a day after reaching its highest level since 2007.
Upward pressure on prices has eased significantly this year, even though consumer inflation accelerated in July to 3.2% from the previous month’s 3%. That's down from last year’s peak above 9% but more than the Fed’s 2% target. In corporate news, Macy's reported a loss of $22 million, or 8 cents per share, in its most recent quarter. Adjusted for a non-cash settlement charge related to pension obligations, earnings for the latest quarter were 26 cents per share. Like other retailers, Macy's saw revenue decline, to $5.28 billion from $5.83 billion from a year ago. Its shares fell 3.5% in premarket.
Shares in Dick's Sporting Goods tumbled 19% after the retailer badly missed Wall Street's earnings targets and cut its full-year profit outlook, citing worries over theft at its stores.
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