Consumer companies were more or less flat amid fears that the energy shock caused by the closure of the Strait of Hormuz would continue.
Consumer sentiment fell in April to the lowest level recorded in the 70-plus-year history of the University of Michigan's survey, evidence of Americans' concerns that the Iran war will hit the domestic economy.
"We still expect cuts this year given the Fed's bias to look through supply-driven inflation, little signs of wage pressures, and political pressure," said economists at brokerage Bank of America Global Research, in a note to clients. The energy shock could prove to have a greater influence on growth outlook than on the inflation outlook, the BofA economists said. "By September, Warsh should be in and have enough evidence of inflation cooling to rally support for a couple of cuts."
Nike's chief innovation officer, Tony Bignell, is leaving after less than a year in the job, the company said, amid signs that its turnaround efforts are sputtering.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-10-26 1740ET
