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Consumer Cos Up After Homebuilder Confidence Data -- Consumer Roundup

08/15/2022 | 03:05pm EDT

Retailers and other consumer companies fell after a steep slide in homebuilder confidence suggested a property-market correction was on its way.

The National Association of Home Builders' confidence index fell 6 points to 49 in August, the first time since 2020 that the reading fell below the 50 level that marks the divide between expansion and contraction.

One strategist argued that the housing market collapse that builders fear still looked unlikely. "Consumer pessimism aside, demand for homes is still healthy," said Saira Malik, chief investment officer at money manager Nuveen.

"Further, mortgage rates have moderated since the spring and lending standards remain rigorous," Malik said.

Walmart agreed to a deal with Paramount Global to offer the entertainment company's Paramount+ streaming service to subscribers of Walmart's membership program, according to people familiar with the discussions.

Coffeeshop chain Starbucks said the federal government improperly handled some union elections at its stores, and asked labor officials to investigate the matter before more tallies take place.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

08-15-22 1705ET

Stocks mentioned in the article
ChangeLast1st jan.
PARAMOUNT GLOBAL 3.05% 19.62 Delayed Quote.-34.99%
STARBUCKS CORPORATION 1.61% 85.62 Delayed Quote.-27.96%
WALMART INC. 2.18% 132.53 Delayed Quote.-10.36%
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