NEW YORK —
Ross Stores was also leading the market with a leap of 9.9% after the retailer reported better profit for the latest quarter than analysts expected. That was despite its revenue only edging past expectations, as customers continue to hold back on purchases of non-essentials. “Walmart and Target are telling us that high income consumers are doing fine, but beginning to trade down,” said Brian Jacobsen, chief economist at Annex Wealth Management. “The lower income consumer is struggling. Macro often focuses too much on the average and the average is skewed by the high-end household.”
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