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Consumer companies surged after surprisingly strong spending data and earnings.
U.S. consumer spending, the primary driver of U.S. economic growth, rose 0.8% in April, fresh data showed Friday.
The surprisingly robust growth could motivate more interest-rate hikes but it bodes well for retailers’ earnings.
The personal consumption expenditures price index, the Federal Reserve’s preferred gauge of consumer prices, rose 4.4% in April from a year earlier, accelerating from March levels.
Best Buy shares rallied after the electronics store’s executives forecast a rebound in demand for electronics later this year.
Costco shares rose after the warehouse retailer posted fiscal third-quarter profit ahead of Wall Street estimates.
Big Lots shares fell to a three-decade low after the closeout furniture and home-decor chain suspended its quarterly dividend amid declining sales and widening losses.
Consumer sentiment fell 7% in May from a month earlier, wiping away nearly half of the gains notched since sentiment hit a record low last June, according to the University of Michigan’s survey.
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