Dow edges higher as markets head for strong first half; Kering drops 5% on luxury sector concerns
By
Sean Conlon, Chloe Taylor, Justina Lee, Lisa Kailai Han
6h ago· 13 min readenNews
Summary
The Dow Jones Industrial Average rose slightly on Tuesday, heading for its best first half in 5 years, while the Nasdaq is set for its best quarter since 2020. However, luxury stocks remain under pressure as Gucci-owner Kering fell 5% after reaffirming a gradual recovery path and full-year guidance during an analyst call. Analysts highlighted a challenging macro backdrop, currency headwinds, the Middle East conflict disrupting regional sales and tourist flows, and persistent headwinds in China dragging on Kering's top line. HSBC raised its price target on Kering to 290 euros from 280.
Source
bskyDow edges higher as markets head for strong first half; Kering drops 5% on luxury sector concernscnbc.comKey quotes
· 3 pulledGucci-owner Kering fell 5% after the luxury group hosted a call with analysts ahead of its next quarterly results on July 28, reaffirming a gradual path to recovery and its full-year guidance.
Analysts, however, highlighted a challenging macro backdrop and currency headwinds, as the Middle East conflict disrupted sales in the region and tourist flows.
Persistent headwinds in China also continue to drag on its top line, according to Jefferies.
The Dow Jones Industrial Average rose slightly on Tuesday amid uncertainty surrounding the conflict in the Middle East.
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