As Covid-19 cases surge again, Wall Street has been unworried. The S&P 500 and Dow Jones Industrial Average set multiple record closes last week. Both indexes edged higher on Friday for their 48th and 34th record closes, respectively, of the year.
Some of the top performing sectors last week were:
- Materials
- Consumer Staples
- Financials
- Utilities
Credit Suisse has lifted S&P 500 price target to $5000 for year-end 2022 as companies have been reporting pretty strong quarterly earnings.
Big Week for Retail Earnings
A lot of retail Stores will be reporting second quarter earnings this week.
Target and Walmart will get the chance to extend recent gains when they announce earnings results for their fiscal second quarters this week, but they certainly won’t be the only retailers reporting.
Home Depot, Lowe’s, TJX Cos., Bath & Body Works, Kohl’s, and Macy’s are among the many retailers with earnings on tap. Retail stocks have done well in 2021, with the SPDR S&P Retail ETF (XRT) up more than 50% this year.
Investors are closely watching stocks across the consumer sector to see how the resurgence in Covid cases might impact spending. Here’s a rundown of some of the major retail companies reporting this week:
- Target (ticker: TGT) , Out of 18 analysts covering this stock 14 have buy rating and 4 hold rating.
- Walmart (ticker: WMT) , 17 buy ratings, just 2 Hold ratings and average price target of $ 185 (around 13% upside)
- Home Depot (ticker: HD)
- Lowe’s (ticker: LOW)
- TJX Cos. (ticker: TJX)
- Ross Stores (ticker: ROST)
- Bath & Body Works (ticker: BBWI)
- Foot Locker (ticker: FL)
Other interesting company earnings this week:
- Monday, August 16th: Oatly (OTLY) and Roblox (RBLX).
- Wednesday, August 18th: Analog Devices (ADI), Cisco (CSCO) and Nvidia (NVDA).
- Thursday, August 19th: Petco Health and Wellness Company (WOOF) and Applied Materials (AMAT).
Tesla AI Day:
Tesla (TSLA) holds its long-awaited AI Day. The event is expected to feature a keynote address by Elon Musk, as well as hardware and software demos from Tesla engineers. While Musk said the main focus of the event will be on recruiting, updates on the company's role as an AI robotics player and the Dojo supercomputer project could be share price catalysts according to seeking alpha.
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