U.S. stocks moved broadly higher in morning trading on Wall Street Thursday following two days of losses.
The early gains are helping to cut some of the broader market’s weekly losses, but it is still on track for its fourth consecutive weekly loss and its first monthly loss of the year. Stocks have been sliding in volatile trading all month as investors come to grips with an escalating trade war’s potential impact on corporate and economic growth.
Technology companies led the early gains. Intel rose 1.8% and Micron rose 2.6%. Keysight Technologies surged 11.2% after beating analysts’ first quarter profit forecasts.
Industrial companies and banks were also moving broadly higher. Ingersoll-Rand rose 1.1% and Deere rose 1.1%. Citigroup gained 1.3%.
Clothing and apparel makes were weighed down by weak financial results. PVH, which owns Calvin Klein, plunged more than 12% after cutting its forecast for the year. Watchmaker Movado fell 7% after reporting weak earnings.
KEEPING SCORE: The S&P 500 index rose 0.5% as of 10 a.m. Eastern time. The Dow Jones Industrial Average rose 71, or 0.3%, to 25,195. The Nasdaq composite rose 0.6%
WRINKLED FORECAST: PVH, the owner of the Calvin Klein and Tommy Hilfiger brands, plunged 12.5% after cutting its full year profit forecast because of weak sales. PVH cited weak sales in the U.S. and China and put some of the blame on the ongoing trade war between the world’s two biggest economies.
PVH said the forecast includes the impact of tariffs. It is the latest retailer suffering from the fallout of the ongoing trade war between the U.S. and China. Retailers have seesawed this week as they express concern over tariffs squeezing their businesses.
Abercrombie & Fitch, Canada Goose and Versace-owner Capri Holdings all gave weak forecasts this week.
DOLLAR DEALS: Dollar General rose 6.8% and Dollar Tree rose 3.8% after the discount retailers gave investors solid quarterly earnings results.
Dollar General beat forecasts for a key sales measure at established stores. It pegged part of that growth to customers buying more groceries and seasonal items.
Dollar Tree matched profit forecasts while beating revenue forecasts for the quarter.