Dow Jones Live Update May 28: Dow Jones Industrial Average (DJI) Opens Higher

This article will be updated throughout the day, so check back often for more daily updates.

President Trump alarmed investors last week when he threatened to impose a 50% tariff on imports from the European Union as early as June 1. On Monday, the President backtracked, saying the tariffs won’t actually go into effect until July 9. Even more optimistically, he confirmed efforts are afoot to “quickly establish meeting dates” with EU negotiators to lower tariff barriers and “open up the European Nations for Trade with the United States of America.”

In more troubling news, there’s trouble brewing at the White House today as Elon Musk, who spearheaded President Trump’s Department of Government Efficiency (DOGE) efforts, says he’s “disappointed” with “the massive spending bill” that the President sent to Congress last week, and that the House of Representatives has now passed. The bill, says Musk, “increases the budget deficit” and “undermines the work that the Doge team is doing.”

Not good.

Nevertheless, after soaring 700 points yesterday, the Dow Jones Industrial Average (DJINDICES: ^DJI) is up another 65 points today for a nearly 0.2 % gain.

Earnings

Abercrombie & Fitch (NYSE: ANF) reported an earnings beat today, $1.59 per share earned in Q1, which was $0.20 better than expected. The retail clothing chain stock is up nearly 27% currently.

Macy’s (NYSE: M) “beat earnings by a penny,” reporting $0.16 per share in Q1 profit. Macy’s stock is down almost 4%.

Both companies cut guidance after reporting their beats. Abercrombie predicts it will earn between $9.50 and $10.50 this year. Macy’s says full year earnings will range from $1.60 to $2. Both earnings ranges are broadly below analyst forecasts, implying no more earnings beats this year.

Dick’s Sporting Goods (NYSE: DKS) meanwhile reported $3.37 per share this morning. The number beat analyst forecasts. Even better, guidance at Dick’s calls for $13.80 to $14.40 per share earned this year. At the midpoint, that’s less than Wall Street’s forecast $14.34, but the “$14.40” number at least implies there’s a chance Dick’s will beat estimates this year.

The post Dow Jones Live Update May 28: Dow Jones Industrial Average (DJI) Opens Higher appeared first on 24/7 Wall St..