Stock Market Update

[BRIEFING.COM] The major averages continue to trade in a stable range near session highs at midday.

On the earnings front, Ross Stores (ROST 231.04, +13.85, +6.38%) is trading higher and reaching new all-time highs after a strong start to FY27 with its Q1 (Apr) report last night. The off-price retailer comfortably beat expectations, delivering a large EPS beat, while revenue growth accelerated to 20.6% year-over-year to $6.01 billion. Ross also issued upside Q2 guidance for EPS and revenue, and raised its FY27 EPS and comp sales outlook.

In other corporate news, Estee Lauder (EL 86.84, +7.94, +10.06%) is surging higher after the company officially ended discussions with Puig around a potential business combination, removing a layer of uncertainty that had weighed on sentiment.