US GDP Revised Lower as Consumers Slash Recreation Spending
US consumer spending grew in the first quarter at the weakest pace since the onset of the pandemic as outlays for recreation services plunged.
Recreation services spending subtracted 0.14 percentage point from gross domestic product in the first three months of the year, the most since the second quarter of 2020, according to Bureau of Economic Analysis figures published Thursday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wall Street Journal
7 minutes ago
- Wall Street Journal
U.S. Natural Gas Futures Fall Awaiting Hotter Weather
1504 ET – Natural gas futures end the day and the week lower as inventories continue to build amid low seasonal weather-driven demand. National demand is likely to be light over coming days, with regional strength in the West and parts of Texas, says in a note. Longer-range forecasts show heat building across the U.S. in the second half of June for strong national demand, the forecastser adds. 'If it doesn't and cooler trends show up, it very likely will be met with disappointment.' Nymex gas for July delivery settles down 2.1% at $3.447/mmBtu for a 7.5% weekly loss. ( 1007 ET – U.S. natural gas futures are down for a third straight session as low weather-driven demand looks set to last into the first days of June while LNG feedgas flows ease and production edges up. The EIA this week reported a fifth straight triple-digit increase in inventories, and further large builds are expected before higher temperatures set in to lift demand. 'As the market sees this inflection point begin to arrive-likely alongside hotter weather forecasts-Nymex gas futures may mark a bottom and pivot higher,' Eli Rubin of EBW Analytics says in a note. Nymex natural gas is down 0.8% at $3.493/mmBtu. (
Yahoo
9 minutes ago
- Yahoo
Jefferies (JEF) Q2 Earnings Match Estimates
Jefferies (JEF) came out with quarterly earnings of $0.43 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.67 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this investment banking and capital markets company would post earnings of $0.88 per share when it actually produced earnings of $0.60, delivering a surprise of -31.82%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Jefferies, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $1.63 billion for the quarter ended May 2025, surpassing the Zacks Consensus Estimate by 5.13%. This compares to year-ago revenues of $1.66 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Jefferies shares have lost about 29.4% since the beginning of the year versus the S&P 500's gain of 3.6%. While Jefferies has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Jefferies was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.66 on $1.74 billion in revenues for the coming quarter and $2.42 on $6.8 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Alerus (ALRS), another stock in the same industry, has yet to report results for the quarter ended June 2025. This company is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of +80.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Alerus' revenues are expected to be $69.65 million, up 35.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Jefferies Financial Group Inc. (JEF) : Free Stock Analysis Report Alerus Financial (ALRS) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Washington Post
16 minutes ago
- Washington Post
Rockies promote owner's son to leadership role amid one of worst MLB starts
DENVER — The Colorado Rockies have promoted the oldest son of team owner Dick Monfort amid one of the worst starts in baseball history. Walker Monfort was named executive vice president of the Rockies on Thursday and will immediately begin leading the team alongside outgoing President and COO Greg Feasel, who is stepping down at the end of this year after 30 seasons in their front office, the team announced. The Rockies went into Thursday's home game against the Los Angeles Dodgers with an 18-62 record. Colorado's 81st game marked the midpoint of its regular season. Walker Monfort, 38, who had been the team's vice president of corporate partnerships since 2015, will officially assume Feasel's responsibilities by January. Feasel joined the Rockies in 1995 as vice president of sales and marketing. He was promoted to executive vice president and chief operating officer in 2010 and club president in April 2021. 'Greg has been a pillar of this organization since its earliest days,' Rockies owner Dick Monfort said. 'His leadership and vision helped shape not only the Colorado Rockies organization, but the entire baseball community throughout the Rocky Mountain region. He has been instrumental in our many successes over the years and has been a strong and steady presence throughout the past three decades.' Feasel said it is bittersweet to be stepping aside, but that it was something he had discussed with the owner for several years. Walker Monfort began his career with the Rockies at an entry level, gaining hands-on experience across multiple departments, including the grounds crew, gameday promotions, ticketing and visiting clubhouse from 2006-2009. He officially joined the front office in a full-time capacity in late 2009, working in minor league operations and player development through 2013. 'While we thank Greg for his impact and service, we are excited to turn the page into our next chapter with Walker,' Dick Monfort said. 'He brings a deep understanding of this organization, earned through his 20 years of experience working both within and alongside every department of our operation. He offers a fresh, forward-looking mindset, and we're confident his perspective, experience and leadership will benefit the club in the months and years to come.' ___ AP MLB:
