October 30, 2020

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Chain stores in the spotlight on leafy Wall Street

Chain stores in the spotlight on leafy Wall Street


Photo: ANP

A number of retail groups were in the spotlight on the New York stock exchanges on Tuesday. In particular, Walmart, which delivered better than expected results, was in the spotlight. The stock markets opened green. Sentiment on Wall Street was further bolstered by reports of a revival in housing construction.

The Dow Jones Index rose slightly to 27,854 points in the first few minutes of trading. The broadly based S&P 500 rose 0.3 percent to 3392 points and the Nasdaq technology exchange rose 0.7 percent to 11,204 points.

Walmart (plus 0.3 percent) benefited in the Corona period from hoarding Americans who also made their move online. The supermarket chain saw sales grow 6 percent despite the government’s orders that the online shop Flipkart in India had to temporarily suspend its activities. Walmart warned that uncertainty over new corona support for US households could weigh on the current quarter. Failure to go through these checks can affect the way Americans shop.

In addition, the DIY chain Home Depot reported that Americans were working hard during the Corona era. The chain’s sales were a quarter higher than a year earlier. The record results surprised even market insiders and the share rose 1 percent. In return, the retail chain Kohl’s managed to limit the impact of the crisis on results, but still lost nearly 12 percent.

In addition, attention is paid to Oracle (plus 4 percent). The software giant is said to be on the market for a takeover of the American subsidiary of the film app TikTok. This would allow Oracle to compete with its industry peer Microsoft. The technology company Twitter is also named as a takeover candidate. TikTok is banned in the US because the company is collecting too much data from users that could potentially fall into the hands of the Chinese government.