Shares of retailers and other consumer companies fell as continued Covid outbreaks in Europe raised concerns about travel activity as winter approached.
"Reopening in full the global economy and traveling is turning out to be a slow process, as Covid-19 has been picking up in eastern Europe and in Asia and has not disappeared elsewhere yet," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund, in a note to clients.
There are also indications that inflation expectations are gradually eroding consumer optimism.
"Despite strong spending intentions, consumers are reporting weaker household finances and have a weakening outlook on the economy," said strategists at brokerage Morgan Stanley, in a note to clients.
McDonald's Chief Executive Chris Kempczinski apologized for a text he sent to Mayor Lori Lightfoot about the shooting deaths of two Chicago children. China's government plans to issue more than a dozen licenses that would allow companies to offer after-school tutoring, with limits on profits and charges, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-08-21 1701ET
