Consumer companies fell after a consumer-confidence reading sowed worries about a round of inflation and retail-sector data next week.
In a sign that inflation continues to take its toll on U.S. consumers, the University of Michigan's gauge of consumer sentiment fell to 67.4 in a preliminary May reading, down from 77.2 in the prior month.
"Next week, we have inflation have producer-price index, consumer-price index, and we will have, at the same time, the big names associated with consumer spending, that would be Walmart and that would be Home Depot," said Quincy Krosby, chief global strategist at brokerage LPL Financial.
"This should give us a bit more color on the state of the U.S. consumer because here, too, there are competiting narratives," said Krosby.
Sweetgreen shares jumped by the largest percentage increment on record as the hip salad chain moved closer to profitability. Sweetgreen launched its first-ever steak option, a caramelized garlic steak, nationwide last Tuesday after a soft launch in the Boston market earlier this year.
Victoria's Secret shares rallied after the lingerie purveyor said quarterly sales were improving, despite challenging U.S. retail conditions.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-10-24 1704ET
