Consumer Cos Down Amid Spending Outlook Fears — Consumer Roundup
Consumer companies fell as traders hedged their bets on the outlook for consumer spending.
Carnival shares ticked down after the cruiseline provided a growth forecast shy of investors' expectations.
Investors are trying to ascertain whether the labor market and, hence, consumer spending is set for a slowdown. Recent gross-domestic product estimates are promising on this front, said one strategist. "Even though there's a lot of talk about things slowing down, and we continue to get crossed signals on the consumer, the economy seems to certainly be in better shape than what people may have feared at the start of the year," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
September 30, 2024 17:30 ET (21:30 GMT)
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