Shares of retailers and other consumer companies rose slightly, but remain down significantly for the week, as traders hedged their bets on the outlook for the housing market, in light of rising mortgage rates.
The average rate for a 30-year fixed-rate home loan edged higher to 4.72% from 4.67% a week earlier, mortgage-finance giant Freddie Mac said, as the Federal Reserve's shift in policy transmits to the home-lending market. It was the highest average rate since December 2018.
"It's possible, that [the Fed] could exacerbate problems by moving a little too quickly," said Jim Paulsen, chief investment strategist at money manager The Leuthold Group.
"I think they have some room for short rates to move...but it's possible to overdo it."
Conagra Brands were more or less flat after the food processing giant, which makes brands such as Marie Callender frozen food, warned that ingredient costs rose faster than revenue, even as it raised prices on many items.
Three Starbucks stores in New York state voted to unionize, joining a growing number of U.S. cafes seeking representation by Starbucks Workers United in advocating for worker concerns.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-07-22 1656ET
