Market check: Stocks rise, S&P 500 looks to snap 7-week losing streak

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Yahoo Finance’s Ines Ferre joins the Live show to break down how stocks are moving in early trading.

Video Transcript

Now, we want to get to Yahoo Finance’s Ines Ferre. She’s at the YFi Interactive, and Ines, what do you have your eyes on today?

INES FERRER: Jared, TGIF indeed. I have my eye on these stocks that are going higher right now. We’ve got the Dow up 250 points on pace to end an eight a week losing streak. The S&P 500 on pace to break a seven week losing streak, and consumer discretionary is really the leader today along with technology stocks.

And just to show you the NASDAQ 100 right now, you can see the winners, Tesla up more than 2%, Amazon also higher. This is a five day chart, so you can see the gains across the board over the last five days. And then, finally, I just want to mention what’s happening with some of the apparel stocks, because we have heard from some of the apparel makers this week. And we’ve got– I want to show you American Eagle down 3%. This company’s sales for the first quarter came in below expectations, analysts noting higher costs. This is impacting profitability, and also, inventory levels going in elevated into the second quarter. And management says, well, it’s going to have to put discounts on that inventory, and of course, that’s going to impact gross margins.

Also, taking a look at Urban, the stock is up right now 1.5%. Now, they had reported earlier this week a disappointing print. Morgan Stanley, today, downgrading the stock to equal weight from overweight, and also, slashing its a price target on the stock. Also, Hibbett Sports reporting its quarterly results, missing on profit estimates for the first quarter because of rising costs, and CEO Mike Longo saying something pretty interesting, saying customers’ spending habits are impacted by less discretionary income.

Now, he brought up the point that you don’t have stimulus. You didn’t have stimulus this last quarter compared to the first quarter of last year. Right now, you can see the stock is up, but year to date, it’s down about 27%. Interesting, because the stock had been under pressure in pre-market, and it’s up more than 1.5% right now, guys.

Yeah, definitely interesting stuff there in what we’re seeing in retail and a little bit of a turnaround in a lot of them. Thanks so much, Ines. I appreciate it.