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.
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By: NBC Palm Springs
September 3, 2025
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