Retailers and other consumer companies fell after weak earnings from one major department store.
Nordstrom shares tumbled after it slashed its projection for revenue growth, saying it would have to drastically reduce prices to move clear overstuffed inventories.
Rival Macy's fell slightly in sympathy, but remained above its lows for the week as investors digested its earnings report.
"Management appears to be doing a good job of navigating choppy waters," said analysts at brokerage Morgan Stanley, in a note to clients.
Swiss luxury-goods group Cie. Financière Richemont agreed to sell a majority stake in Yoox-Net-A-Porter to rival online fashion retailer Farfetch and Dubai-based investor Mohamed Alabbar.
Pet-store chain Petco Health & Wellness plunged as a pandemic-era boom in pet spending tailed off, weighing on earnings.
Restaurateur Brinker International's fourth-quarter profit fell, as to-go sales at Chili's declined and the company faced a tough comparison with a year-earlier period that included an additional operating week.
The number of houses going under contract in the U.S. decreased in July for a second straight month as high mortgage rates and elevated prices weigh on demand, the National Association of Realtors said.
Cosmetics maker Revlon shares fell after a bankruptcy court judge ruled against minority shareholders who had asked to form a special committee to represent them in its Chapter 11 case, lessening the odds that equity will retain value during the bankruptcy process.
In a good sign for the U.S. labor market, employers added about 462,000 more jobs in the year through March than the Labor Department originally estimated.
Urban Outfitters rose after a shift by young people to replace pandemic-era loungewear with more "occasion" clothing buoyed demand.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-24-22 1703ET
