Gap (GPS) shares were on watch after the clothing retailer reported an 8% drop in quarterly net income. Profitability was hit by a stronger dollar, supply delays in the U.S. and soft demand for its headline brand. Similar problems befell Campbell Soup’s recent quarter with sales falling 3.6% lower due to a stronger dollar. Deere (DE) was higher after soaring past quarterly estimates and boosting its profit forecast. Wall Street was busy digesting core consumer prices which rebounded at a faster-than-expected pace in April, its biggest gain since January 2013. The reading gives more certainty on a rate hike this year.
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