The three major averages rose on Wednesday as bond yields retreated.
The pandemic-era pause on federal student loan payments is over, and borrowers are already dialing back their expenses. KeyBanc Capital Markets polled more than 1,000 domestic consumers last month and found that nearly 7 in 10 expect to slash spending now that loan payments have made a comeback. The weighted average monthly payment among KeyBanc's survey participants was $267. The most cited categories for expected spending cuts are clothing, restaurants and travel.
However, some expenses are near and dear to consumers: Beauty and cosmetics, as well as footwear and consumer electronics are among the lower-ranked categories for spending cuts, KeyBanc found. The findings seem to bode well for stocks like big-box retailer Walmart and discount shop FiveBelow – but also the likes of Lululemon and sneaker manufacturer On Holding . 'Middle- and high-income cohorts indicated strong purchase intent for athleticwear,' KeyBanc noted.
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