Q1 GDP Cools on 1st Revision; KSS, BURL, FL Report Q1

Economic Data Summary - Q1 GDP was revised down to 1.3%, which is 30 basis points lower than the initial estimate, with consumption at 2.0%, the lowest since Q2 2023 [2] - Initial Jobless Claims rose to 219K, exceeding expectations by 1K, while Continuing Claims remained steady at 1.79 million, indicating healthy employment levels [3] - The Advanced U.S. Trade Balance in Goods for April showed a deficit of -$99.4 billion, significantly worse than the expected -$91.5 billion, marking the largest deficit in nearly two years [4] Company Performance - Kohl's (KSS) shares fell nearly 25% after reporting a negative earnings surprise of -700% with losses of -$0.24 per share and revenues of $3.38 billion, which was about 4.5% lower than consensus [5] - Burlington Stores (BURL) saw a stock increase of approximately 17% following a positive earnings beat of 36.5%, reporting earnings of $1.42 per share and revenues of $2.36 billion, exceeding estimates [6] - Foot Locker (FL) shares rose by 15% after beating earnings expectations by 83%, reporting earnings of $0.22 per share, although revenues of $1.88 billion fell short of expectations by 0.41% [7] Housing Market Insights - Pending Home Sales for April are expected to decline by 0.4%, following a significant drop in New Home Sales last week, indicating a slowdown in the housing market amid high mortgage rates [8]