- US stocks closed higher.
- Tesla (TSLA) is on the decline — again.
- Pound briefly jumps on possibility of a Brexit redo.
- Kohl's (KSS) and JCPenney (JCP) both reported dismal earnings ... but not TJ Maxx (TJX).
America's department stores had a brutal start to 2019.
The retailer also trimmed its guidance. Instead of up to 2% sales growth this year, Nordstrom now expects revenue to decline up to 2%.
Tech stocks carried Wall Street to a solid rebound on Tuesday.
Our Paul R. La Monica notes that there isn't too much negative news that should hurt the stock. However there is one bearish prediction from a small analyst:
Her new pitch would let members of parliament vote on whether to hold a second referendum.
Sterling jumped more than 0.8% against the US dollar on the news. It reached almost $1.28 before falling off again toward the $1.27 level.
The pound started the month around $1.30. It has dropped since then as uncertainty over Brexit has dragged on, dipping as low as $1.268 on Tuesday.
May faces an "uphill battle" to get members of Parliament to vote for her agreement, even with new concessions, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said in a note Tuesday:
The firm wrote in a new note that US consumers have reacted negatively to the escalation in the trade war.
Wall Street continues to be laser-focused on the evolving US crackdown on Huawei.
“Bulls are hoping the gains can hold throughout the day, but all it takes is one tweet,” Paul Hickey, co-founder of Bespoke Investment Group, wrote in a note to clients.
United's affirmation of its full-year earnings target, and its second quarter profit margin outlook was enough to lift shares 1.6% in early trading.