Shares of retailers and other consumer companies rose during a volatile session.
One brokerage said the consumer discretionary niche is likely to continue lagging consumer-products group as inflation sets in.
"High prices are continuing to deter consumers," said strategists at brokerage Morgan Stanley, in a research note, adding that consumer discretionary was the worst performing sector of the 11 Standard & Poor's 500 industry group.
Shares of Kohl's rose by 36% after the department-store chain confirmed multiple suitors are circling it.
Peloton Interactive shares rose after The Wall Street Journal reported an activist investor wants the company to fire its chief executive and explore a sale.
Shares of European consumer-products giant Unilever rallied after activist investor Nelson Peltz reportedly purchased a significant stake in the owner of Ben & Jerry's ice cream.
An Omicron outbreak triggered by returning aircrew breaking quarantine rules has pitted Hong Kong officials against the city's flagship carrier, Cathay Pacific, prompting tighter quarantine rules that the airline says will worsen its pandemic losses.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-24-22 1653ET
