Shares of Nordstrom (NYSE: JWN) were climbing today as the department store stock gained in response to a strong earnings report from Dillard's (NYSE: DDS) and as the April retail sales report showed the sector continuing to perform well. Dillard's, the Arkansas-based department store chain, beat estimates on the top and bottom line, and said that revenue jumped 73% as it lapped the quarter when lockdowns began a year ago.
What appeared to be a dead cert a few weeks ago - the Federal Reserve embarking on a series of markets-friendly rate cuts in the first half of the year - is now looking unlikely, just as earnings season ramps up. Japan's finance minister wants to stem the yen's slide to a 34-year low, potentially without spending anything on intervention. Shunichi Suzuki held an unprecedented trilateral dialogue with Treasury Secretary Janet Yellen and his Korean counterpart, yielding a U.S. acknowledgement of the Asian nations' "serious concerns" about the steep drop in their currencies.
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