TheStreet's Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, June 13.
Related: TJ Maxx, Marshalls makes major expansion move shoppers will love
Full Video Transcript Below:
I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Unser Tipp passend zur EM
freenet
Unser Tipp passend zur EM
Ad
It was another record day for the S&P 500 and Nasdaq, with both surpassing the record highs achieved just yesterday.
Investors had to decide what mattered most - a slowdown in inflation or a slowdown in the jobs market. Producer prices were unchanged in May, according to the Labor Department, after a half-percent gain in April. In separate data, new applications for jobless benefits jumped to their highest since August 2023. Both reports further fueled the debate as to whether the Federal Reserve should already be lowering interest rates. The Fed has signaled that only one rate cut is likely this year.
In other news…if you like the hunt of a good deal, well, I have good news for you. TJX, the parent company of Home Goods, TJ Maxx, and Marshalls, is planning a big expansion. The discount retail conglomerate has plans to open 1300 new stores which would increase its footprint by 25 percent.
Related video: TJ Maxx, Marshalls, and Home Goods are expanding (TheStreet)
I'm convinced, reporting from the New York Stock Exchange.
Current Time 0:00
/
Duration 1:36
TheStreet
TJ Maxx, Marshalls, and Home Goods are expanding
0
View on Watch
View on Watch
More Retail:
Ulta CEO sounds the alarm on a growing problem
Lululemon releases a first-of-its-kind product
Target store introduces a new 'over 18' policy
Amazon launches genius new subscription product
TJX CEO Ernie Herman said in may that he was “convinced” that there was room enough to grow in key areas “over the long term.”
The retail chain’s ‘this-price-is-to-good-to-be-true’ business model is working. Sales jumped 6 percent to $12.5 billion last quarter and earnings surged 22 percent.
There are currently 1300 TJ Maxx locations in the U.S, 1200 Marshalls, and 900 Homegoods.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Reporting live from the New York Stock Exchange, Conway Gittens of TheStreet delivered the latest business updates as trading closed on June 13th. The focus was on significant market achievements and corporate expansions.
Both the S&P 500 and Nasdaq hit new record highs, continuing their upward trajectory from the previous day. Investors grappled with contrasting economic indicators: while producer prices remained stable in May following a rise in April, new jobless claims surged to their highest level since August 2023. These divergent reports intensified discussions about whether the Federal Reserve should adjust interest rates, with expectations currently leaning towards a single rate cut for the year as signaled by the Fed.
In retail news, TJX, the parent company of popular brands like TJ Maxx, Marshalls, and HomeGoods, announced ambitious expansion plans. The retail giant is set to open 1300 new stores, expanding its footprint by a significant 25%. This expansion underscores TJX’s confidence in the continued appeal of its discount retail model, which has proven successful amidst consumer demand for value-oriented shopping experiences.
TJX CEO Ernie Herman expressed optimism about the growth potential in key markets, highlighting sustained sales growth of 6% to $12.5 billion in the last quarter, coupled with a notable 22% increase in earnings. Currently, TJX operates 1300 TJ Maxx locations, 1200 Marshalls outlets, and 900 HomeGoods stores across the United States.
Gittens wrapped up the briefing from the NYSE, providing a concise overview of the day’s key developments. His report highlighted the intersection of market highs, economic indicators, and corporate strategies shaping the retail landscape, leaving viewers informed about the latest movements in both financial markets and retail expansion efforts.
