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Consumer Cos Down as Inflation Fears Offset Dillard's Earnings -- Consumer Roundup

08/11/2022 | 04:32pm EDT

Retailers and other consumer companies fell as inflation concerns reared their head again as crude-oil futures rebounded.

"Many people thought 'dingdong, the witch is dead,' in terms of inflation, but I think what crude oil is reminding us is that inflation doesn't die easily," said JJ Kinahan, chief executive of IG North America, the parent company of options firm tastytrade.

Dillard's shares rallied after the department-store chain posted second-quarter net income that far surpassed Wall Street targets.

Rivals such as Macy's and Kohl's surged on hopes that they could emulate Dillard's.

Home prices continued to climb across nearly all the U.S. in the second quarter, as low inventory levels offset the impact of a spike in mortgage rates.

McDonald's will reopen some of its locations in Ukraine, roughly six months after Russia's invasion of the country caused the fast-food chain to pause its operations there.

New jobless claims, a proxy for layoffs, increased to a seasonally adjusted 262,000 last week from a revised 248,000 the previous week, reaching the highest level of the year after dipping to a 50-year low in March, the Labor Department said.

The up-tick in claims may reflect a new method of calculating seasonal adjustments and aberrant data from Connecticut and Massachusetts, said economists at brokerage Goldman Sachs, in a note to clients.

Six Flags Entertainment slumped after the theme-park operator said attendance fell 22% in the second-quarter from a year ago, even as other rollercoaster attractions have seen visits nearly return to prepandemic levels.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

08-11-22 1631ET

Stocks mentioned in the article
ChangeLast1st jan.
DILLARD'S, INC. 3.93% 272.76 Delayed Quote.11.32%
KOHL'S CORPORATION -0.75% 25.15 Delayed Quote.-49.08%
LONDON BRENT OIL 0.65% 88.51 Delayed Quote.13.53%
MACY'S, INC. -1.07% 15.67 Delayed Quote.-40.15%
MCDONALD'S CORPORATION -1.56% 230.74 Delayed Quote.-13.93%
S&P GSCI CRUDE OIL INDEX 4.54% 455.3873 Real-time Quote.5.69%
SIX FLAGS ENTERTAINMENT CORPORATION -2.37% 17.7 Delayed Quote.-58.43%
WTI 1.06% 82.987 Delayed Quote.5.74%
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