Weekly Points - 5 Things To Know In Investing This Week
Portfolio Pulse from Gary Brode
The weekly report discusses various economic indicators including job openings, housing prices, Best Buy's earnings, payroll data, spending trends, and the jobs report. Job openings have declined to just under 9MM, potentially making it easier for the Federal Reserve to pause rate hikes. Housing prices continue to rise, hitting all-time highs. Best Buy beat earnings expectations but lowered guidance, with comparable store sales down 6.2%. Payroll data showed 177,000 jobs added in August, below expectations. Consumer spending continues to increase, and the jobs report showed 187,000 jobs added in August, above expectations.
September 06, 2023 | 4:31 pm
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Best Buy reported earnings of $1.25/share, beating analyst estimates of $1.06, but lowered sales guidance for the second half of the year. Comparable store sales were down 6.2%.
While Best Buy beat earnings expectations, the company lowered its sales guidance for the second half of the year and reported a decline in comparable store sales. This mixed news may lead to uncertainty in the market, potentially impacting the stock's performance in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80