Good morning and welcome to Markets Desk.
Target is the story of the session. The retailer topped first-quarter earnings expectations and raised its full-year outlook, validating a turnaround strategy built around elevated product design and sharper value messaging. CEO Brian Cornell leaned into what he called the pairing of exciting merchandise with competitive pricing, and the market is taking notice — this is the win Target badly needed after a difficult stretch.
Shifting to energy, oil prices are pulling back after President Trump reiterated he would end the conflict involving Iran, and do so quickly. That rhetoric is cooling some of the geopolitical risk premium baked into crude, though traders remain cautious — the Strait of Hormuz saw one of its busiest transit days in recent memory just Tuesday, a reminder of how fragile the situation remains beneath the headlines.
Meanwhile in the auto sector, Stellantis CEO Antonio Filosa is preparing to unveil a formal turnaround plan for the struggling automaker. Shares have fallen nearly thirty percent since he took the helm almost a year ago. Investors will be watching closely for specifics on cost structure, model lineup, and how the company plans to navigate an increasingly punishing tariff environment.
That's the tape. Markets Desk, signing off the floor.
