Consumer stocks were mixed as the staples sector fell as Walgreens dampened sentiment, while the discretionary sector posted the biggest gains led by Amazon.

Walgreens shares fell sharply after the company announced plans to close a significant share of its roughly 8,600 stores in the U.S. The company hasn't settled on a final number of locations to close, said Chief Executive Tim Wentworth, but it is reviewing about a quarter of its stores that aren't profitable and could shutter a "meaningful percent" of those over the next few years.

Amazon plans to launch a service focused on shipping cheap fashion wear, household goods and other products directly from warehouses in China as it faces growing competition from low-cost e-commerce platforms Temu and Shein.

Shares of Levi Strauss dropped after the company reported lower-than-expected revenue in its fiscal second quarter and left its outlook for the year unchanged. 


Write to Patrick Sullivan at patrick.sullivan@wsj.com

(END) Dow Jones Newswires

06-27-24 1817ET