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| New to the newsletter? Subscribe to The Daily Money to get the best consumer and financial news from USA TODAY delivered to your inbox every weekday morning. And give our news-inspired Spotify playlist a listen. It features every song quoted here. |
| Happy Friday, Daily Money readers. Jayme Deerwester back with you as we head into the weekend. |
Kohl's joins Target in disappointing first-quarter report |
| Kohl's Corp., which has about 1,100 stores nationwide, on Thursday reported first-quarter results "below expectations." |
| The company's first-quarter net sales and comparable sales saw a decrease of 5.2%. It reported net income of $14 million, or 11 cents per share, compared with $14 million, or 9 cents per share, a year earlier. But, CNBC said, that was short of analysts' expectations of 70 cents a share. |
| The report came a day after Target announced much weaker than expected earnings last quarter. Target stock shed nearly a quarter of its value in just one day, its biggest one-day decline since Black Monday in 1987. |
| Kohl's CEO Michelle Gass said the decline was mostly driven by a decrease in sales in the home and children's departments. |
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Home sales still stumble as mortgage rates keep climbing |
| Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates surged, driving up borrowing costs for would-be buyers as home prices soared to new highs. |
| Existing home sales fell 2.4% last month from March to a seasonally adjusted annual rate of 5.61 million, the National Association of Realtors said Thursday. |
| That was slightly higher than what economists were expecting, according to FactSet. Sales fell 5.9% from April last year. After climbing to a 6.49 million annual rate in January, sales have fallen to the slowest pace since June 2020, near the start of the pandemic, when they were running at an annualized rate of 4.77 million homes. |
| The median home price in April jumped 14.8% from a year ago at this time to $391,200. That's an all-time high according to data going back to 1999, NAR said. |
| "Without a doubt, rising mortgage rates, rising prices are hurting affordability, but we should not discount that we're still lacking inventory," said Lawrence Yun, NAR's chief economist. |
🎧 Mood music 🎧 |
| Bastille's "Bad News" seems an appropriate pick given the negative quarterly reports from Target and now Kohl's. |
| "Bad news like a sucker punch, what do you say? Air knocked out of my lungs, your cue to stay. When you hear something difficult, don't back away. Some people say nothing, good ones engage." |
| LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify. |
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