Shares of retailers and other consumer companies fell after mixed economic data and a continued flight from "meme" stocks.
Shares of Peloton Interactive, which was popular with day traders during the pandemic, fell by almost one quarter after reports the company temporarily planned to halt production of its connected exercise equipment to help curb costs in a period of slowing demand.
Initial claims for unemployment benefits, a proxy for layoffs, rose by 55,000 to 286,000 during the week that ended Jan. 15, suggesting the Omicron variant has taken a toll on the labor market.
Used-home sales rose 8.5% in 2021 from a year earlier to 6.12 million, the highest level since the housing boom that preceded the financial crisis, the National Association of Realtors said. A separate report from private firm Redfin showed the inventory of homes for sale was at a record low.
Airlines warned that the Omicron variant has dented a recent rebound in performance, extending the pandemic-induced slump in the travel industry. American Airlines Group President Robert Isom, who will take the reins as chief executive in March, said during a call with analysts and reporters that "demand dropped off" after the Omicron variant appeared.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-20-22 1713ET
