Yahoo Finance's Jared Blikre examines market movements, as well as the the action surrounding retail, financial, and luxury brand stocks.
(Bloomberg) -- US retail sales stagnated last month on declines in auto purchases and gasoline prices, though gains in other categories suggested consumer spending remains resilient.Most Read from BloombergIn Defeat, Cheney Vows to Do ‘Whatever It Takes’ to Block TrumpBill Gates and the Secret Push to Save Biden’s Climate BillAmerica’s $7 Trillion Retirement Crisis Is Only Getting WorseSaudi Billionaire Made $500 Million Russia Bet at War OnsetThese Six Cities Are Emerging as New Expat Hot Spots
Shares of Overstock.com (NASDAQ: OSTK), Williams-Sonoma (NYSE: WSM), and Warby Parker (NYSE: WRBY) rallied on Tuesday, rising 11.8%, 4.6%, and 7%, respectively, on the day. As the markets rallied from July into August, it appears some speculative behavior is creeping back in, with meme-stock traders buying on any sliver of good news -- especially in heavily shorted stocks. For the beaten-down retail sector, that bit of good news came today in the form of Walmart's (NYSE: WMT) better-than-feared earnings report, as well as Home Depot's (NYSE: HD) revenue and earnings beat.