ANOTHER DOWNBEAT NEIGHBORHOOD?
Best Buy has struggled this year amid weakening consumer demand and rising costs due to supply chain disruptions.
The country’s consumer electronics chain reported lower quarterly profits and revenue in the first half of its current fiscal year, which began in February, as consumers restrained electronics spending amid steep prices. higher for basic necessities such as food and gas. Wall Street expects economic trends to continue to weigh on Best Buy in the third quarter. The company releases its quarterly results on Tuesday.
The Commerce Department released its October tally of new home sales in the United States on Wednesday.
Economists forecast sales slowed last month to a seasonally adjusted annual rate of 572,500 homes. Sales rose at an annual rate of 603,000 units in September. The housing market cooled after a strong start to the year as significantly higher mortgage rates made home ownership less affordable for many potential buyers.
Sales of new homes, seasonally adjusted annual rate, by month: