The day of the Brexit vote has finally arrived and the early polls are showing a slight lead for the “Remain” vote. Final results won’t be known until after the market closes.
This is pushing stocks higher with the S&P 500 rising by 16 points to 2,102, the Dow Jones Industrial average higher by 157 points to 17,938 and the Nasdaq is up by 35 points to 4,868. The S&P Retail ETF is gaining 46 cents to sell at $41.88.
One thing we do know this morning is that last week’s jobless claims dropped by 18,000 to 259,000 and was the biggest decrease since the first week of February. Estimates from economists ranged between 260,000 and 280,000. A record number of job openings is making this a good labor market.
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In other news, Macy’s Inc. chief executive officer Terry Lundgren is stepping down, but will remain as executive chairman. He’ll be replaced by Macy’s president Jeff Gennette beginning in the first quarter of 2017. Gennette was named president in March 2014 and prior to that was chief merchandising officer. He joined Macy’s in 1983 as part of the executive training program. Gennette will immediately join the board of directors. Investors are responding positively with Macy’s stock jumping by over 2 percent to $33.54.
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American retail giant Amazon was initiated with a buy rating and a price target of $825 by analysts at Maxim Group. The stock is rising by $3 to $713 in early trading. This comes as the Federal Aviation Administration said it would fine Amazon $130,000 for mishandling shipments of dangerous chemicals. This makes 3 fines in less than 2 weeks. Amazon has been shipping corrosive products that have not been labeled properly and in some cases leaked. Amazon has been attempting to become more involved in the shipping aspects of the company, but clearly has more work to do.
Soccer star Tim Cahill will launch his fashion line CahillPlus in China through the e-commerce site JD.com. This will be CahillPlus’ first entry into the Chinese market. Cahill is a star with the China Super league and live in Shanghai. He said the line was created in China, for China and inspired by China. Apparel is one of the fastest growing categories on JD.com, which is the country’s largest internet company by revenue. JD.com also acquired Wal-Mart’s online retail business this as it is making moves to compete with China’s other online retail giant Alibaba. The stock is flat in trading this morning at $21.17.