It’s the final trading day of the second quarter and it looks as if the recovery rally will continue, albeit a little more subdued this morning. After Tuesday’s rally, the Dow and S&P 500 are back in positive territory for the year.
Asian markets ended mostly higher, with Hong Kong closing up 1.8 percent and Japan ending higher by 0.1 percent and China only down by 0.1 percent.
European markets were essentially flat as word came out that the U.K.’s Boris Johnson said he would not run for Prime Minister. That news is adding to some market uncertainty
Crude oil, which has been driving U.S. markets, was down by 90 cents to $48.98 a barrel in response to cautious words from Goldman Sachs. The S&P 500 is up only 5 points to 2,075, the Dow Jones Industrial Average is adding 31 points to trade at 17,726 and the Nasdaq is up by 11 points to 4,791. The S&P Retail ETF is lower by 4 cents to $41.56.
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Israel-based apparel maker Delta Galil Industries Ltd. is acquiring several brands from VF Corp. for about $120 million. Delta Galil signed an agreement to purchase Seven For All Mankind, Splendid and Ella Moss. The company did say that it expected to add $300 million to the company’s top line annual sales and that it would contribute to earnings in 2017. The brands were laggards for VF Corp and the deal is viewed as positive by investors as the stock is rising by 37 cents to trade at $61. The deal is expected to close in the third quarter. Delta Galil stock was unchanged.
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Amazon.com, Inc. has set a day for its big summer Prime Day shopping event. On July 12, the online retail giant will offer more than 100,000 deals that are exclusively for Prime members. Members in the U.S. can start shopping at midnight Pacific Coast time with a new deal happening as often as every five minutes. Non-prime members can start a free trial of Prime before July 12. In addition to that, there will be countdown deals starting on Tuesday. Last year, Prime Day was the single biggest day for sales for Amazon. This morning Amazon stock is up by $1.90 to $717
Nordstrom is shutting down its Trunk Club fulfillment center in Goose Island in Chicago. Trunk Club is a personalized clothing service line that Nordstrom acquired in 2014. The department store said that the brand is successful and was likely to outgrow the capacity of the center. However, the company also said that by moving it to another fulfillment center, Nordstrom could manage the inventory better and improve customer service. The closure could result in the loss of 250 jobs unless they are able to shift to another position in the area. Nordstrom stock is dropping by 13 cents this morning to $37.74.