U.S. stocks tried to keep the rally going and hit more intraday highs as the market opened even as oil was trading lower on the latest report that inventories were building.
But the rally didn’t last long and major indices flipped back and forth between negative and positive territory in directionless trading as the buyers seem to disappear. All three major indices were flat, withi the S&P 500 at 2,151, the Dow Jones Industrial Average at 18,346 and the Nasdaq at 5,032. The S&P Retail ETF is rising by 4 cents to $44.25.
Amazon.com Inc.’s Prime Day looks to have been a dud. Indications are that sales were flat from last year as numerous customers complained of problems at checkout. Analysts had big expectations for the online retail giant and thought sales could almost double from last year. Amazon gave it a positive spin and said that it saw a 30 percent increase in the number of items sold by small businesses. While the sales may have been just okay, the addition of new Prime subscribers is the ultimate goal of the promotion. The stock is rising by $5 this morning in early trading to $753.
A drop in comparable store sales at Burberry has other luxury brands like Tiffany & Co. on edge. Tiffany’s stock fell over 1 percent to $61.94. Tiffany’s was already struggling with poor sales related to reduced tourism.
Wal-Mart Stores Inc. said that it was ending its relationship with its long-time advertising agency The Martin Agency. After 10 years, Wal-Mart is switching to Publicis Group. Publicis will be establishing a new, unnamed entity to handle all of Wal-Mart’s in-store and creative advertising. IPG Golin remains Wal-Mart’s agency of record. Wal-Mart stock is flat on the news.
Elsewhere, =Asian indices once again closed higher. This three-day rally in the Asian markets has helped lead global stock markets higher. Europe’s major indices were all trading higher as the U.K. brings in a new Prime Minister as David Cameron steps down and Theresa May takes over.