The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1303 ET - The total number of homes for sale in Las Vegas rose 31% year over year in July, Redfin says, the biggest increase of any major U.S. metro area and roughly triple the national average. That marks a year straight of 20%-plus inventory increases for Las Vegas. Supply is piling up in Las Vegas because would-be homebuyers are sitting on the sidelines. Pending home sales fell 8.6% year over year in July, and closed sales fell 8.5%. The homes that are selling in Las Vegas are taking longer. The typical home that sold in July took 55 days to go under contract, 16 days longer than a year earlier. A Redfin analysis says Las Vegas homes are unaffordable for most locals, and renting is now more affordable. The city is also suffering from a slowdown in tourism.(chris.wack@wsj.com)

1254 ET - Affirm beat expectations in its fiscal fourth quarter, but UBS analysts worry it may be too reliant on just a few big merchants. The analysts are keeping their neutral rating for the stock because of how concentrated its business is on a few merchants as buy now, pay later competition is rising from rivals such as Klarna and Paypal. Amazon and Shopify contributed around 35% of Affirm's gross merchandise volume in the fourth quarter, the analysts say. Affirm lost Walmart as one of its biggest merchants earlier this year when the retail giant switched to Klarna. (katherine.hamilton@wsj.com)

1238 ET - Dollar General's 2Q report is just the latest proof point that it is on the up and up, UBS analysts say in a research note. The discount retailer showed it has more in its toolkit to accelerate a recovery on the bottom line, they say. Dollar General accelerated its comparable sales growth modestly, despite not implementing meaningful tariff-related price hikes. Instead, it's doing things like expanding its DoorDash partnership and teaming with Uber Eats, while investing in its own online platform. The company also showed it can do more to recover margins, like managing shrink, which showed more than 100 basis points of improvement. It's still early innings for the recovery, but there are plenty of opportunities to sustain this momentum, analysts say. (dean.seal@wsj.com)

1223 ET - Not all shareholders are onboard with the MEG Energy-Cenovus tie-up, says rival bidder Strathcona Resources, which is upping its stake to vote against the deal. The company says that it has gauged other opinions from shareholders and says that it will use its stronger stake in MEG, which should reach 14.2% after acquiring another 5% on the open market, to oppose the C$7.9 billion deal that MEG Energy and Cenovus agreed to last week. Strathcona hasn't offered a competing bid yet, but the move underscores a challenge the two companies have to face in to get the deal through, making the path to combining less straightforward as competition in Canada's oil patch ramps up. (adriano.marchese@wsj.com)

1112 ET - Best Buy surprised the market with positive comparable sales growth in 2Q that may have been driven by the launch of the Nintendo Switch 2. The retailer posted comparable sales up 1.6% while analysts had been bracing for a 0.5% decline. The Switch may have contributed a 2% to 3% gain on comps, UBS analysts say in a research note. They looked at the sequential change in the company's entertainment segment sales growth relative to its run rate over the past five quarters. The analysts assume the majority of the inflection to positive trends reflected incremental dollars associated with the Switch console and peripheral items. They note that bears likely think the Switch 2 tailwind will fade from here. (dean.seal@wsj.com)

1055 ET - Best Buy's 2Q report on Thursday should have done more to stabilize investor sentiment and forward estimates for the electronics retailer, rather than the small selloff it spurred, UBS analysts say in a research note. "We don't fully agree with the market's reaction," they say. The company showed accelerating comparable sales growth, with positive trends in categories outside of just gaming, the analysts say. The report might not dispel long-term concerns around competition and market share pressure, but it shows there's a broadening appetite for other parts of the company's assortment, they say. Best Buy is guiding for continued momentum into 3Q, and was even able to maintain profit guidance despite a higher expected blended tariff rate, the analysts say. Shares rise 2% to $74.11. (dean.seal@wsj.com)

1031 ET - Despite raising some prices, Best Buy customers were still willing to spend on tech in 2Q. But concerns about consumers' willingness to stomach higher prices still remain, Wedbush analysts say. Best Buy's margin outlook is being dragged down by "caution around the consumer from tariff pressures and the potential need to increase promotions," the analysts say. Meanwhile, pricing headwinds should only get worse in the second half as higher tariffs continue to increase costs. "We remained concerned what the impact of higher prices on everyday items will have on consumer willingness to spend on expensive discretionary electronics," the analysts say. (nicholas.miller@wsj.com)

1028 ET - Caterpillar raised its tariff cost forecast Thursday due to increased tariffs imposed this month on aluminum and steel goods, leading Raymond James analyst Tim Thein to lower estimates for the company's 2025 and 2026 earnings. But Caterpillar likely won't be the only company in the industry to see tariff hits to its earnings, Thein says, adding that a major trailer manufacturer recently estimated that the increased tariffs would result in a 6% to 8% increase in costs. "Point being these tariffs, which apply to a number of finished goods categories with steel/aluminum content, will likely be broadly felt across the space," Thein says. (nicholas.miller@wsj.com)

1026 ET - European banks are well-positioned to withstand the effects of U.S. tariffs, Fitch Ratings says in a report. "Most European bank ratings have sufficient headroom to absorb the effects of economies adjusting to the new trade paradigm." U.S. tariffs are likely to hurt economic growth and lower banks' profitability, Fitch says. "However, banks should be able to absorb these pressures after several years of improved earnings, good asset quality and solid capitalization."(miriam.mukuru@wsj.com)

1020 ET - The euro is emerging as a credible alternative to the dollar as a global reserve currency and in international payments, J. Safra Sarasin's Claudio Wewel says in a note. President Trump's trade policies and concerns over rising U.S. government debt are leading markets to reassess the dollar's role in the financial system, the forex strategist says. The European Central Bank's independence along with the EU's policies may "provide the euro with an edge over the dollar over the longer term." Broader use of the euro as a reserve currency and in international payments should boost the currency's value, he says. The euro could rise to $1.30 in the long term from $1.1675 currently, he says. (renae.dyer@wsj.com)

1005 ET - Best Buy was initially one of the companies most hurt by tariffs due to its high tariff exposure and its low pricing power, but the company has successfully mitigated many of the worst impacts, Davidson analysts Michael Baker and Keegan Cox say. Earlier in the year, Best Buy suggested that each 10% increase in tariffs would hurt sales comparisons by 100 basis points. Since then tariffs have risen, but the impact on Best Buy has shrunk due to its vendor negotiations, product changes, supply chain alterations and price increases. Now, the tariff impact on Best Buy "is much less than originally feared," the analysts say. (nicholas.miller@wsj.com)

0956 ET - Consumers are upgrading their tech, particularly laptops, and Best Buy's sales are seeing a boost, say Davidson analysts Michael Baker and Keegan Cox. The tech retailer posted 3.8% growth in computing, its fifth straight quarter in a row of positive comparisons, and its highest laptop unit growth for a second quarter in 15 years. "Five years after the pandemic, it's time for consumers to replace their machines again in order to take advantage of new AI features," the analysts say, noting Best Buy offers 125 laptops with enhanced AI capabilities and that the pending Windows 11 launch is also leading to upgrades. (nicholas.miller@wsj.com)

(END) Dow Jones Newswires

August 29, 2025 13:03 ET (17:03 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.