Stocks traded higher yesterday as tech shares clawed back some of their recent steep losses that knocked the S&P 500 and Nasdaq Composite back below their record highs.
Shares of Mastercard are up more than 2% after they said they are seeing “continued modest improvements” in its business in August. The company said its volume is now above its pre-pandemic levels outside of the travel and entertainment sectors and that business improved from July to August in every market outside the U.S.
Shares the jewelry maker Tiffany dropped more than 8% after Louis Vuitton owner LVMH said they were scrapping their acquisition of the jewelry company. LVMH said the deal couldn’t be completed “as it stands,” noting it needs to figure out the impact from potential U.S. tariffs on French goods. Tiffany’s has filed a lawsuit to enforce the agreement.
Shares of the athletic retailer Lululemon are more than 8% lower despite their better-than-expected earnings and revenue for the second quarter. The CEO said the retailer is “cautiously optimistic” about the rest of the year. Lululemon is not offering a 2020 outlook.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.