Retail gains lead stocks higher

 

Major indices are higher in early trading this Wednesday morning, lead higher by retail stocks. The gains appear to sparked by Target (TGT) having beat earnings expectations, though TGT shares are currently up only 1%. A far bigger winner this morning is Urban Outfitters (URBN), up 23%. There has been only a slight rebound in global oil prices after yesterday’s big drop. Fed Minutes will be released at 2:00 PM this afternoon.

West Texas Intermediate crude is trading at $47.66. At present, the S&P 500 is up 0.25%, the DJIA is up 0.32%, and the NASDAQ is up 0.14%.

Here are your Wednesday morning market metrics. Industries doing well today include metals & mining, containers & packaging, and specialty retail. Industries showing weakness include internet & catalog retail, construction materials, and Real Estate Management. The VIX is 0.6% to 12.11 after closing on Tuesday at 12.04. The most heavily traded options this morning are for Apple, (AAPL), with 6,067 August-18 143 puts and 6,044 August-18 145 puts on the board. The total put/call ratio as of 10:00 AM was 1.94 (303,024/587,707). The advancers/decliners ratio for the NYSE is 2,032/779 and for the NASDAQ 1,737/904.

Symbols: AAPL TGT URBN

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