Shares of retailers and other consumer companies fell amid growing fears that the latest wave of Covid 19 outbreaks and supply-chain disruptions would throw a wrench in the economic recovery.
The rapid rebound in consumer demand from pandemic lows has caused dislocations in commodities and labor markets. In one sign of how these issues are taking their toll on economic activity, home-builder confidence in the U.S. declined in July for the second consecutive month amid continued supply challenges relating to building materials, regulation and labor, according to a measure released by the National Association of Home Builders.
Ermenegildo Zegna Group, a specialist in men's fashion, said it would merge with a special-purpose acquisition company in a deal that values the Italian luxury-goods group at $3.2 billion, including debt.
Volkswagen is phasing out sales of the Passat sedan in the U.S. after more than 20 years, the latest well-known nameplate to exit U.S. showrooms as auto makers embrace sport-utility vehicles.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-19-21 1725ET
