Several U.S. apparel retailers are reporting sales increases for the month of June. Victoria's Secret parent L Brands (LB) reported net sales that rose 3% to about $1.2 billion. Comparable store sales also increased 3%, narrowly missing analyst expectations for a 3.4% rise, according to Thomson Reuters. The company's results were driven by Bath & Body Works June comparable sales that rose 6% on a strong response to the chain's semi-annual sale. Victoria's Secret comparable sales rose just 1%, down from 3% a year ago and short of analyst estimates for a 3.6% climb. Discount retailer Stein Mart (SMRT) reported total sales for the period that rose 7.5% from June 2014 to $121.7 million. Comparable sales rose 5.8%. Stein Mart said geographically, sales across all regions were strong except the Northeast and Midwest, which were more challenged.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.