Shares of retailers and other consumer companies ticked down amid concerns that inflation will weigh on consumer confidence.
One money manager said the breadth of inflation has been overstated. "The overwhelming majority of price increases came from only a few baskets," said Saira Malik, chief investment officer, equity, at money manager Nuveen Investments. "And even if inflation ultimately settles above pre-pandemic rates, we share the Fed's view that these elevated levels will subside."
Dutch brewer Heineken agreed to buy two African alcohol companies -- Distell Group Holdings and Namibia Breweries -- increasing exposure to a region considered among the world's fastest growing alcohol markets.
Donald Trump's family hotel company has reached an agreement to sell the rights to its Washington, D.C., hotel to investment firm CGI Merchant Group for $375 million, The Wall Street Journal reported.
Labor challenges cut production volumes for Tyson Foods in the latest quarter, but the meat company's sales grew year over year as it passed along higher prices to supermarkets and restaurants.
Chinese educational concern New Oriental Education & Technology will cease offering tutoring services to students from kindergarten through to grade nine, a fallout of Beijing's move to tighten control over the education system.
Skincare company Obagi and makeup brand Milk Makeup agreed to merge with special-acquisition company Waldencast Acquisition, an investment vehicle started by former L'Oréal executives, in a deal that values the combined business at roughly $1.2 billion.
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(END) Dow Jones Newswires