Stocks broadly higher…Homes sales increase…China warns on Taiwan sale
NEW YORK (AP) – Stocks are broadly higher in early trading on Wall Street as investors applaud encouraging quarterly results from major retailers. Target soared after releasing earnings that blew past analysts’ expectations. Lowe’s jumped after its results also beat forecasts. Traders will be looking out for minutes released later in the day from the Federal Reserve’s latest policy meeting.
NEW YORK (AP) – Target is reporting second-quarter results that topped expectations by just about every level as the company pushes faster delivery and invested heavily in private label brands. It’s raising its profit expectations for the year, sending shares up nearly 12% before the opening bell this morning.
WASHINGTON (AP) – Home sales increased 2.5% in July. It’s a sign that lower mortgage rates have produced a spurt of home-buying. Still, sales could be limited by a shortage of listings and home prices that are rising faster than incomes. The number of properties on the market has fallen 1.6% during the past 12 months, giving buyers fewer options.
BEIJING (AP) – China says it will impose sanctions on U.S. companies involved in plans for an $8 billion sale of F-16 fighters to Taiwan. The Chinese Foreign Ministry warned today that the U.S. should “immediately back away” from the arms sale proposal and end its military interactions with Taiwan.
PALMETTO, Ga. (AP) – Business is booming for some local businesses in Palmetto, Georgia. Fans of the sci-fi show “Stranger Things” have sought out filming locations such as the former Bradley’s Big Buy grocery store since the show premiered in 2016. According to Netflix, “Stranger Things 3” broke records for the streaming service. Within four days of release, 40.7 million accounts had started watching and 18.2 million had already finished it entirely. Now, fans are dressing up as characters, reenacting scenes and taking photos at the grocery store, Gwinnett Place Mall and downtown Jackson.