Shares of retailers and other consumer companies fell as inflation concerns mounted.
The consumer-price index, which tracks prices of a basket of goods including increased in October by 6.2% from a year earlier, the highest rate of increase since 1990, according to the Labor Department.
"Inflation remains stubbornly high, to the surprise of many that expected prices to come back to earth sooner," said Ryan Detrick, chief market strategist at brokerage LPL Financial.
"The truth is you can't shut down a $20 trillion economy and not feel some bumps as it restarts, but we are hopeful the supply chain issues will resolve over the coming quarters and inflation should calm down as well."
In one symptom of inflation, the median sales price for single-family existing homes was higher in the third quarter compared with a year earlier in 182 of the 183 metro areas tracked by the National Association of Realtors, though the rate of increases slowed.
"Rents are the biggest cyclical driver of inflation and therefore the most crucial component to monitor for persistent price pressures," said economists at brokerage Bank of America Securities, in a note to clients, which highlighted a sharp rise in rental rates in the latest report.
Gym chain Equinox Group obtained $255 million in new financing commitments from some of its lenders and owners, as the cash-strapped gym chain seeks to bolster its liquidity, The Wall Street Journal reported.
Hershey struck deals to buy Dot's Homestyle Pretzels and Pretzels Inc., which handles some manufacturing for Dot's, in two acquisitions totaling $1.2 billion.
Wendy's shares fell sharply after the burger chain posted same-store sales growth short of the average Wall Street target.
New claims for jobless benefits, a proxy for layoffs, declined to 267,000 last week from a revised 271,000 the prior week, the Labor Department reported, suggesting the jobs market expansion continues.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-10-21 1701ET
