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What to watch in money: Walmart could reveal state of consumer behavior

By John Wordock

When Wall Street returns from the Presidents Day holiday, investors will sort through a truckload of housing reports, many delayed by a brief government shutdown.

Experts are looking for clues that mortgage rates under 7% are stoking activity in the housing market. Look for headlines on housing starts and building permits on Wednesday. Then expect news Thursday on pending home sales.

“I’m going to be looking for the confirmation about what the lower rates are doing to overall new permits and new starts, as builders start to anticipate demand and what happens with buyer demand,” Mischa Fisher, chief economist at Zillow, said.

On the earnings front, Reston, Virginia-based Leidos reports before the market opens on Tuesday, and DoorDash, eBay, Carvana and Garmin will follow on Wednesday.

On Thursday, Walmart will open its books before the opening bell on Wall Street. Consumers are searching for lower prices, and Walmart shares have surged more than 20% this year. The mega-retailer recently entered the trillion-dollar club, joining Nvidia, Amazon and Microsoft.

“If you’re stressed, you may downgrade your shopping to less expensive places like Walmart,” Jim Angel, finance professor at Georgetown University, said. “But if you have no money at all and can’t even afford Walmart because you cannot afford your car payment or mortgage payment, then even Walmart is going to suffer.”

On Friday, the government releases the latest data on economic growth. Economists expect the gross domestic product in at 4.4% for the fourth quarter.

Also, on Friday, you will find out what’s in your wallet. The week wraps with headlines on consumer sentiment, personal income and spending. And new home sales will close out a busy week for housing news.

Massachusetts court hears arguments in lawsuit alleging Meta designed apps to be addictive to kids

By The Associated Press
BOSTON (AP) — Massachusetts' highest court heard oral arguments Friday in the state's lawsuit arguing that Meta designed features on Facebook and Instagram to make them addictive to young users. The lawsuit, filed in 2023 by Attorney General Andrea Campbell, alleges that Meta did this to make a profit and that its actions affected hundreds of thousands of teenagers in Massachusetts who use the social media platforms. “We are making claims based only on the tools that Meta has developed because its own research shows they encourage addiction to the platform in a variety of ways,” said State Solicitor David Kravitz, adding that the state's claim has nothing to do the company's algorithms or failure to moderate content. Meta said Friday that it strongly disagrees with the allegations and is “confident the evidence will show our longstanding commitment to supporting young people.” Its attorney, Mark Mosier, argued in court that the lawsuit “would impose liabilities for performing traditional publishing functions” and that its actions are protected by the First Amendment.
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