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But rising credit card debt, depleted pandemic-era savings, and higher interest rates are giving investors pause, betting that retail bellwethers like Walmart and Target will have too much merchandise and be forced to discount during the holiday season. Walmart's decision so far to not hire seasonal holiday workers is a telling sign, Walmart investor Sizemore Capital Management told Reuters. The National Retail Federation predicts U.S. holiday sales in 2023 to rise at the slowest pace in five years. But Walmart and Target began offering some holiday discounts as early as October. "I don't see" food price inflation crowding out sales of more discretionary goods as "as big of an issue this holiday season as last holiday season," D.A.
Persons: they're, Charles Sizemore, Brian Cornell, " Sizemore, TD Cowen, D.A, Davidson, Rubbermaid, Helen of Troy, Target, Scott, Michael Baker, Siddharth Cavale, Nick Zieminski Organizations: Walmart, Target, U.S, Capital Management, Reuters, National Retail Federation, Newell Brands, Hydro, Thomson Locations: New York
The ADP National Employment report showed private payrolls rose 89,000 in September, much lower than the expected 153,000. Focus now shifts to the more comprehensive non-farm payrolls data due on Friday. Separate data showed the U.S. services sector slowed in September as new orders fell to a nine-month low. Declining issues outnumbered advancers for a 1.02-to-1 ratio on the NYSE and a 1.10-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 19 new lows, while the Nasdaq recorded 4 new highs and 162 new lows.
Persons: Brendan McDermid, Thomas Hayes, Kevin McCarthy, Helen of Troy, Rollins, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Nasdaq, Treasury, Microsoft, Nvidia, Great, Capital LLC, Dow, Traders, Wednesday, Dow Jones, U.S . House, Point Capital Management, NYSE, Thomson Locations: New York City, U.S, HELE.O, Point, Bengaluru
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