Business, Finance & Tech
Wall Street Opens Higher as Holiday Spending Outlook Weakens
Wall Street is set to open slightly higher today after a sharp sell-off to start the week. On Monday, the Dow dropped about 250 points, while the S&P 500 and Nasdaq each fell more than half a percent. Rising Treasury yields and the fallout from a court ruling striking down much of President Trump’s tariff policy weighed on investor sentiment, though the White House has said it will appeal.
Investors are watching for new data on factory orders, job listings, and auto sales, along with earnings reports from Macy’s, Dollar Tree, and Salesforce.
Consumer spending, however, remains a concern. A new PwC survey finds Americans plan to spend an average of about $1,500 per person this holiday season, down more than 5% from last year. More than 80% of consumers say they expect to cut back spending over the next six months, especially on apparel, dining out, and big-ticket items. Spending on gifts is projected to take the steepest hit, dropping 11% to an average of $721. Rising prices are a key factor influencing holiday budgets.
Meanwhile, Amazon is tightening its Prime program. The company is ending the Prime Invitee program, which allowed members to share free shipping with people outside their household. Starting October 1, Amazon will promote its Family Plan option, which allows two adults to share Prime benefits—but only if they live at the same address.
Explore: NBCPalmSprings.com, where we are connecting the Valley.
By: NBC Palm Springs
September 3, 2025
Latest Instagram Posts
BREAKING NEWS 🚨: Calvin Harris officially rescheduled for Head Trip day 2 #headtripfestival #calvinharris #severeweather #tropicalstorm #indio
Attendees are returning to the Empire Polo Grounds for day 2 of the EDM festival, ‘Head Trip’, after performances were stopped last night due to severe weather. Stay tuned with NBC Palm Springs to see how the weather is affecting festival goers’ plans. #headtripfestival #severeweather #flashfloodalert #760 #nbcpalmsprings
Overnight Flooding Hits Palm Springs Heavy rain brought flooding to Palm Springs overnight, prompting police to shut down Indian Canyon due to flooding. Much of this video shows conditions along the Indian Canyon corridor as water inundated roadways. Drivers are urged to use caution and watch for changing conditions.
BREAKING NEWS: Head Trip Festival in Indio suspended its show Saturday night due to approaching severe weather and lightning. A message displayed on the stage screens announced: “Attention in the festival, this is a lightning alert. The show is suspended due to lightning.” Festivalgoers were told to leave the Empire Polo Club venue and return to their cars and camps. The festival was expected to draw approximately 70,000 attendees overall, though the number asked to leave Saturday night has not been confirmed. It remains unclear when attendees will be allowed back inside or whether scheduled performances, including headliners Calvin Harris and Swedish House Mafia, will proceed as planned. The suspension comes as Tropical Storm Rachel brings rain and potential flooding concerns to Southern California. Stay with NBC Palm Springs for updates. #BreakingNews #HeadTripFestival #Indio #CoachellaValley #TropicalStormRachel WeatherAlert CalvinHarris NBCPalmSprings
BREAKING NEWS: Thalia Hayden and Jerry Steffen break down the latest forecast for Tropical Storm Rachel as it moves through eastern Riverside County Sunday morning. The Coachella Valley could see more than an inch of rain, raising concerns about flooding. The heaviest rainfall is expected from midnight through noon Sunday, with showers tapering off by Sunday evening. Stay with NBC Palm Springs for the latest updates. #TropicalStormRachel #BreakingNews #CoachellaValley #PalmSprings #WeatherAlert FloodWarning SouthernCaliforniaWeather NBCPalmSprings ThaliaHayden JerrySteffen
🌧️ Tropical Storm Rachel is bringing the threat of heavy rain and flooding to the Coachella Valley. Thalia and Jerry break down the hour-by-hour forecast, with the heaviest rainfall expected from midnight through Sunday morning and more than an inch possible in parts of the Valley. Flood watches and warnings remain a concern, with showers expected to taper off by Sunday evening. Stay weather-aware and stay with NBC Palm Springs for the latest updates! ⛈️ #TropicalStormRachel #CoachellaValley #WeatherAlert #NBCPalmSprings
🌊 Tropical Storm Rachel is bringing dangerous surf, flooding and destruction to Southern California’s coast. In Long Beach, parts of the boardwalk have been ripped apart, while a badly damaged home is on the verge of collapse. Newport Beach has declared a local emergency after pounding waves flooded at least 10 blocks of the Balboa Peninsula. Officials are urging people to stay away as the threat continues. 🌧️ #HurricaneRachel #SouthernCalifornia #LongBeach #NewportBeach #CoachellaValley
Who makes the NBC Top 3, winner will be announced Sunday night on NBC Palm Springs, with the player who makes the number one spot winning a $250 prize from @hondaofthedesert! Comment below if it will be 1) Ivan Garza with the deep pass TD, 2) Damian Walls with the 99 yard touchdown throw, 3) Jadarius Hester with the punt return TD, 4) James Madden with the 60 plus yard rushing TD, or 5) Kingston Pellum with the contested catch #hondaofthedesert #fnl #fridaynightlights #fyp #highschoolfootball
Tim O’Brien introduces Game 2 as the Coachella Valley Firebirds take on the San Diego Gulls! #CVFirebirds #FirebirdsHockey #SanDiegoGulls #AHL #hockeynight
Hurricane Isaias is bringing worsening conditions to Gulf Shores, Alabama, with strong tropical storm-force winds and heavy rain. CNN’s Isabel Rosales describes the intense conditions as the storm approaches. #HurricaneIsaias #SevereWeather #Alabama