- The S&P 500 stock index ends Wednesday’s session practically flat.
- Target (TGT) shares plummet 22.05% after a dismal quarterly report.
- Fed authorities are concerned about slowing progress against inflation.
The S&P 500 set a day’s low at 5,858, finding buyers that took the index to three-day highs at 5,934. At the time of writing, the S&P 500 is trading at 5,914, losing 0.01% on the day.
Target Stock Sinks After Disappointing Earnings Report
Retail warehouse chain Target (TGT) reported revenue of $25.67 billion, below the $25.87 billion expected by analysts. Likewise, it presented an earnings per share of $1.85, lower than the $2.3 projected by the market. Following these results, TGT plummeted to a more than one-year low of $120.21.
On the other hand, Michelle Bowman, member of the Board of Governors of the Federal Reserve, highlighted in her speech today that progress in reducing inflation appears to have stalled, although she stressed that the US economy is strong. In the same vein, Fed member Lisa Cook noted that the monetary authority could be forced to pause rate cuts if inflation progress slows, suggesting that the central bank still has further to go.
Levels to consider in the S&P 500
The S&P 500 formed short-term support given by the November 19 low at 5,830, close to the 50% Fibonacci retracement. We see the next key support at 5,694, the minimum of November 4. Key resistance is at 6,026, the pivot point of November 11.
S&P 500 4-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
