Consumer companies fell amid signs that consumers are cutting down on discretionary spending.
Sportswear chain Foot Locker cut its growth projection for the year after warning that sales have slowed in recent weeks and that it will increase discounts to boost demand and clear inventory. Shares of Foot Locker plunged. Sneaker-maker Nike, a major Foot Locker supplier, also fell sharply.
Adidas, which said it would resume selling Yeezy-branded shoes, also declined by more than 3%.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-19-23 1736ET
