Yesterday’s inflation data came out higher than expected as the monthly CPI rose to 0.4% with the year’s inflation back up to 5.4% from the slight descent that we got last month coming down to 5.3%. The result is that investors shifted to a risk-on approach as the dollar weakened during the course of the day.
- Plug Power Inc (PLUG) was up 12.79% on the back of a Morgan Stanley upgrade
- XPeng Inc (XPEV) was up 5.78%
- Delta Air Lines Inc (DAL) was down 5.77% as they stated higher fuel prices in their earnings report
- Pinduoduo (PDD) was up 4.34%
Read More: The Bank of Canada’s (BOC) Overnight Rate
Stocks to watch
As the US economy recovers with the unemployment rate on the decline and consumer spending on the rise a lot of e-commerce and retail vendors have started offering discounts in the leadup to Black Friday sooner than expected to try and stretch out holiday spending.
Bank of America has stated that e-commerce remains a top growth industry, with traditional retailers like Target and Walmart making considerable leeway in their online support efforts to drive higher online sales.
Earnings and revenue for the prior quarter exceeded forecasts, and there was significant value in the retail industry leading up to With the third-quarter earnings coming in the latter part of November, more possible upside should be anticipated due to Black Friday and holiday buying sprees.
Technically the retail stock is gearing up for a change in trend as we got a break of the falling trend line as momentum starts to shift, a break of $240 should be the confirmation of the continuation of the rally.
In conclusion, Target has positioned itself to take advantage of the upcoming holiday spending spree. By offering competitive prices, a wide variety of products, and a convenient shopping experience. Target is in a good situation to draw customers during the hectic holiday season.
The company's investments in e-commerce and same-day delivery services are also likely to pay off, as more consumers opt for online shopping and fast shipping options. Follow our blog today for daily updates.