Nvidia, Coinbase, Kohl’s, and More

Major U.S. equities indexes gained Tuesday afternoon, extending Monday’s rally to start a holiday-shortened trading week. The Dow Jones Industrial Average was up over 1%, while the S&P 500 climbed 0.5%, and the tech-heavy Nasdaq ticked 0.1% higher.

Kohl’s (KSS) saw its shares surge 35% after the department store chain reported a surprise third-quarter profit. The results came a day after the retailer said it would remove the “interim” tag from CEO Michael Bender’s title to take over the top job permanently after its prior CEO lasted just months before being ousted over allegations of improper dealings with a vendor.

Abercrombie & Fitch (ANF) was another retailer that soared Tuesday, with shares up 30% after the company topped third-quarter earnings estimates. Sales growth has slowed among its namesake brand, but picked up for Hollister, which executives said is expected to carry the company’s sales for the holiday season.

Videoconference software maker Zoom Communications (ZM) also posted quarterly results that topped analysts’ estimates, sending shares 12% higher. The company said it is seeing meaningful adoption of its AI offerings.

Nvidia (NVDA) shares sank close to 4%, making the stock one of the biggest decliners in the S&P 500 Tuesday following a report that Meta Platforms (META) is considering using chips from Google parent Alphabet (GOOGL). Shares of Nvidia rival Advanced Micro Devices (AMD) and other chipmakers also slid.

Coinbase (COIN) stock was one of several connected to the cryptocurrency sector, along with Robinhood (HOOD), Mara Holdings (MARA), and Strategy (MSTR), that extended their recent declines as the price of Bitcoin lost ground, trading around $87,200.

The price of gold rose, and crude oil futures slid. The yield on the 10-year Treasury note edged lower to 4.00%. The U.S. dollar lost ground against the pound, yen, and euro.