Consumer companies fell sharply after a weak reading of services sector activity.
The Institute for Supply Management said its service-sector purchasing-managers index fell to 52.6% in February from 53.4% in the prior month, as fewer company representatives surveyed perceived activity increasing.
Discount giant Target posted the first drop in annual sales since 2016, even as fiscal fourth-quarter sales inched up to $31.92 billion. Shares of the chain surged, however, as it was able to eke out profit growth despite lackluster sales.
Shares of online secondhand clothing store ThredUp dropped a day after it set modest growth targets. ThredUp's growth struggles echoed those of rival Stitch Fix.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-05-24 1741ET
