Diamonds and Dogs

3/5/24

Target (TGT) jumps on strong earnings and resilient consumer. Target is up 17% after beating by 56 cents as sales rose 1.6% to $31.47 billion. Management said they saw strong foot traffic with a resilient consumer in the face of inflation. Target also hinted at enhanced consumer expectations and a possible membership program in the future.

Weakness in the Magnificent 7 and Bitcoin. Big cap tech took it on the chin today with Apple, Microsoft, Amazon and Telsa all falling 1.95% or more. The weakness in Apple and Tesla has been due in part to weak sales out of China. Bitcoin, another high flyer rose to new a new record high this morning above $69,000, but then sold off falling 8% from the highs and down 6% for the day.

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