Shares of retailers and other consumer companies gave back some of their recent gains as persistently high Treasury yields offset a surprisingly strong sales report from the world's largest luxury conglomerate.
The rise in Treasury yields, which threatens to push up mortgage rates, resumed Wednesday.
Shares of European luxury-goods concerns hit record highs after LVMH Moët Hennessy Louis Vuitton said sales rose roughly 30% to about $16.75 billion in the first three months of 2021, stripping out the effect of currency changes and its acquisition of U.S. jeweler Tiffany.
Shares of Gucci parent Kering and Cartier owner Compagnie Financière Richemont rose in sympathy, as analysts said consumers stuck at home had allocated more spending money to luxury items while store reopenings in China and the U.S. had also boosted sales.
Italian luxury footwear maker Tod's rose after reports it would name fashion influencer Chiara Ferragni to its board.
U.S. department store Kohl's reached an agreement with activist investors that will add three directors to its board and leave its chief executive atop the department store chain.
The luxury chains saw gains moderate during the U.S. trading session, as investors retreated from the broader consumer sector.
The Justice Department has stepped up an antitrust probe of American Airlines Group's recent partnership with JetBlue Airways and is concerned the deal could lead to anticompetitive coordination and inflated fares at key traffic hubs, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-14-21 1706ET
