S&P 500 top movers: Dollar Tree Inc jumps to yearly highs, up more than 10% on strong earnings

S&P 500 closes in on record highs above 3,600.
Dollar Tree Inc shares post impressive gains on strong earnings figures.
Best Buy Co Inc is suffering heavy losses on Tuesday.

Eren Sengezer FXStreet

The S&P 500 Index (SPX) started the day decisively higher and extended its rally as risk flows continue to dominate the financial markets. At the moment, the SPX is up 1.6% on the day at 3,635 and remains on track to test the all-time high it set on November 9th at 3,645.

S&P 500 top movers

Earlier in the day, Dollar Tree Inc reported profit per share of $1.39 for Q3 and beat analysts' estimate of $1.15 per share. The discount store operator net sales were higher than expected on strong demand for cheaper groceries and household items during the pandemic. "We're seeing our discretionary side grow with both new and old customers," Chief Executive Officer Michael Witynski said on an earnings call, per Reuters.

Boosted by these figures and the upbeat outlook, Dollar Tree Inc (DLTR: NASDAQ) stock trades at its highest level since November 2019 at $109.40, gaining 12.1% on the day.

Meanwhile, the 5% increase seen in crude oil prices lifts energy stocks on Tuesday. As of writing, Apache Corp (APA: NASDAQ), Occidental Petroleum Corp (OXY: NYSE) and Lincoln National Corp (LNC: NYSE) shares are up 10.4%, 8.5% and 8.7%, respectively.

On the other hand, Best Buy Co Inc (BBY: NYSE) shares are suffering heavy losses despite the fact that the company reported better-than-expected adjusting earnings per share of $2.06 for the third quarter. The electronic retailer noted that it expects holiday sales to slow amid the coronavirus outbreak.

"We don't expect sales trends to remain at the levels we experienced during Q3," Chief Financial Officer Matt Bilunas said on a call with analysts, as reported by Reuters.

Currently, BBY is down 6% on the day at $114.84 as the biggest daily percentage decliner of the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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