Consumer companies rose as traders assessed a generally strong earnings season.
Shares of Best Buy surged after the electronics retailer reported fiscal fourth-quarter earnings ahead of Wall Street targets, as growth in gaming sales helped offset continued pressure on other consumer electronics sales, including smartphones and tablets.
Target shares rose ahead of the discounter's earnings report.
Consumer products companies have generally fared well with earnings report.
Shares of Hormel Foods rallied after the food company, which has brands including Skippy, Spam, Dinty Moore and La Victoria, reported fiscal first-quarter results that beat expectations as demand increased across its business segments.
Bath & Body Works shares slid, however, after the soap and perfume retailer warned fiscal 2024 profit is likely to fall, as consumers pull back on spending on premium grooming items.
Pending home sales fell 4.9% in January from the previous month, as stubbornly high mortgage rates continue to take a toll on demand, according to the monthly index released by the National Association of Realtors.
Disruptions to Middle East travel and higher costs dragged Air France-KLM into the red for the fourth quarter.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-29-24 1730ET
