Black Friday Sale 2024 impact on US Stocks: Big test for shares of retailers
The benchmark S&P 500 rose 1.7% in the past week and approached all-time highs as investors digested the end of a solid third-quarter corporate reporting season. Earnings are on pace to have climbed about 9% from a year earlier, Reuters reported.
But recent earnings from two high-profile retailers yielded sharply different prospects: Walmart on Tuesday raised its annual sales and profit forecast for the third consecutive time, while Target shares tumbled after it forecast holiday-quarter comparable sales and profit below estimates on Wednesday.
The holiday shopping season could give further insight on consumer spending, which accounts for more than two-thirds of U.S. economic activity. Even though inflation rates have moderated from 40-year peaks hit two years ago, higher prices are still challenging consumers, said Abby Roach, portfolio analyst at Allspring Global Investments.
«It's easy to be excited about inflation coming down year over year, but...consumers are really still under pressure, and I think that's the biggest pain point,» Roach said. «Consumers are continuing to feel like their dollars don't go as far as they did.»
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