Nordstrom Inc JWN shares are trading higher by 5.51% to $20.40 going into the close of Tuesday's session. The stock is trading higher on above-average volume, amid overall market strength and despite a lack of company-specific news. The stock is seeing strength as major indices are also higher ahead of Wednesday's June inflation data report.
What's Going On With Inflation Data?
The June CPI inflation report is eagerly anticipated as the most significant economic event of the week, with traders anxiously awaiting its release to gain insights into the Fed's future policy decisions.
Recent conflicting job market data has added to the uncertainty, with expectations of a rate hike in July, but doubts lingering regarding additional rate hikes later in the year. Currently, the market assigns probabilities of 22% for another rate rise in September and 34% in November...Read More
What Else?
Inflation can have a direct impact on consumer spending, and this can influence the performance of retail stocks like Nordstrom. If inflation is high, it can erode consumers' purchasing power, leading to reduced discretionary spending on items like fashion and luxury goods.
This can impact Nordstrom's sales and profitability, leading to potential stock price volatility as investors reassess the company's growth prospects.
According to data from Benzinga Pro, JWN has a 52-week high of $27.42 and a 52-week low of $14.02.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
