Stocks are mixed after a solid advance on Monday. Gold, silver, and crude oil are modestly higher, while bonds are flat.
Donald Trump hasn’t taken office yet, but he’s already throwing out tariff threats. The incoming president said he would slap an extra 10% tariff on Chinese imports...and 25% tariffs on products coming in from Mexico and Canada. His rationale? The countries aren’t doing enough to combat drug smuggling and illegal immigration.
The Mexican peso and the Canadian dollar initially got smacked by the news, while the US dollar rose broadly. But the dollar has since reversed a chunk of the move.
BBY, KSS (YTD % Change)
Data by YCharts
Meanwhile, a pair of retailers decided to share some grim news ahead of Black Friday, the traditional kickoff to the holiday shopping season. Kohl’s Corp. (KSS) lowered its annual sales forecast, just one day after announcing that the firm’s CEO Tom Kingsbury would step down. Meanwhile, Best Buy Co. (BBY) said same store sales fell 2.9% year-over-year amid flagging demand for consumer electronics and appliances. Both KSS and BBY shares slumped in early trading.
Are we FINALLY seeing more momentum on the office-to-residential-property conversion front? That’s what the Wall Street Journal reported on today.
Many traditional office buildings aren’t good candidates for condo or apartment conversions due to architectural and cost challenges. But the depth and length of the office slump – plus ongoing affordability challenges in the housing market – are causing more building owners to take action. CBRE Group said 73 building conversions were finished this year, up from 63 in 2023. Another 309 are planned.
