BNN Bloomberg's Jon Erlichman looks at how North American markets are shaping up for the trading day.
The S&P 500 hovered near 5,610. Target Corp. climbed 15 per cent after ending a string of sales declines in the second quarter, citing improved discretionary spending. Macy’s Inc. slightly missed analysts’ estimates for its quarterly revenue and lowered its outlook for sales during the rest of the year.
This matters because the market is very sensitive to soft labour market data and we know that from the recent pop in jobless claims and July jobs report. So, while investors are OK ignoring most disappointing data, they aren’t ignoring soft labor market data and if these revisions are worse than expected, look for it to weigh on stocks today.This is typically not a market-mover.
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