The S&P 500’s top gainers on June 5 were:
Macy’s, which is an American department store chain, was the S&P 500’s top gainer on June 5. After gaining for three consecutive trading weeks, Macy’s started this week on a stronger note by rising on Monday. Carrying forward the strength, Macy’s opened higher on June 5 and surged to 1.5-year high price levels.
Macy’s opened higher on Tuesday following an upgrade from “short” to “long” by Omar Saad, the head of Evercore ISI’s Softlines, Luxury, and Dept Stores team. According to Saad, the old-guard retailers and brands are figuring out a way to improve inventory management and successfully market for digital-era consumers amid Amazon’s (AMZN) dominance over the traditional retail space. Saad also added that traditional brick and mortar retailers like Macy’s will have a competitive advantage in the future amid their access to better brands, their “household name franchise” image, and access to stores in prime locations.
On June 5, J.P. Morgan upgraded Macy’s target price from $35 to $41 and boosted the prices. April’s stronger-than-expected job openings data were also released. According to the Department of Labor, jobs openings rose to the highest level ever in April and exceeded the number of unemployed individuals. Higher job openings improved the market sentiment on consumer discretionary stocks. Higher job openings boosted the expectations of higher pay and increased discretionary consumers’ spending.
On June 5, Macy’s gained 8% and closed the day at $40.05. Macy’s is part of the Consumer Discretionary sector, which gained 0.57% on Tuesday.
Next, we’ll discuss the S&P 500’s top losses on June 5.