Stocks rose Thursday in an afternoon rally as traders tried to shake off concerns over higher interest rates. The Dow jumped 1.05%. The S&P 500 rose 0.76%. The Nasdaq gained 0.73%.
to neutral from overweight on Thursday, a day after the discount retailer gave first-quarter EPS guidance and fiscal-year revenue that fell short of Wall Street's expectations.
"Digging deeper, management cited 'multiple moving parts and noise in the last 30-45 days of the quarter' citing Omicron a year ago with forward looking 'caution' tied to an uncertain macroeconomic environment and anniversary of stimulus/fiscal in the marketplace over the past few years," he wrote. Atlanta Federal Reserve President Raphael Bostic said he thinks the central bank can stick with quarter-point interest rate hikes.
Wall Street analysts largely agreed that the plan gave a long-term vision for the company, but they said it lacked specifics on how the electric vehicle giant would get there. Still, many held the ratings they had on the stock heading into the meeting.
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