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.

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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bears hold the grip, critical challenge at 1.2000

The greenback firmed up at the end of the week, closing it with substantial gains against most major rivals. Renewed coronavirus concerns and poor macroeconomic data spurred risk-off. EUR/USD is firmly bearish.

EUR/USD News

GBP/USD: Further restrictions in the UK may hit the pound

The GBP/USD pair trimmed most of its weekly gains on Friday and settled in the 1.3580 price zone, amid risk-off fueling dollar’s demand. UK GDP contracted by less than anticipated in November, Industrial Production plunged.

GBP/USD News

Gold: Further decline toward $1,800 remains on the cards

Gold failed to stage a convincing rebound this week. After losing more than 2% in the previous week, the XAU/USD pair extended its slide on Monday and touched its lowest level since early December at $1,817. 

Gold news

Darkest fefore dawn

The upcoming economic news is likely to be dreadful, and if it is not dreadful, it will be mostly ignored. This includes the release of the preliminary January PMI figures at the end of the week. Japan is extending its national emergency to another five prefectures, which collectively account for over half of the nation's GDP.

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures