Shares of retailers and other consumer companies fell after mixed earnings reports.
In a sign that inflation may be more persistent than central bankers are anticipating, consumer-products giant Procter & Gamble said it's raising prices on a host of household staples as costs for freight and raw materials rise faster than anticipated. P&G shares fell.
Similarly, shares of international tobacco distributor Philip Morris fell after warning its ability to meet demands for its popular IQOS heated-tobacco devices was affected by the global chip shortage.
Danone said sales rose in the third quarter, with strong growth across geographies, and reiterated guidance for the full year.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-19-21 1656ET
