Retailers and other consumer companies tumbled after strong economic data diminished the odds of a "pivot" from the Federal Reserve in the foreseeable future.
The Institute for Supply Management said its index of services activity rose to 56.5 in November from 54.4 in October, well above economists' expectations. "Good economic news is bad news for stocks as it will keep the risk elevated that rates might have to end up higher later next year," said Edward Moya, senior market analyst at foreign-exchange brokerage Oanda Group, in a note to clients.
VF Corp said Steven Rendle has retired as chairman, president and chief executive, after the maker of The North Face and other apparel brands cut its sales projection on flagging consumer demand.
Rental-car chain Hertz Global Holdings said it would pay about $168 million to settle 364 pending claims related to vehicle-theft reporting.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-05-22 1707ET
