Retailers and other consumer companies fell as traders bet that stronger-than-anticipated jobs data foreshadowed more aggressive moves from the Federal Reserve.
U.S. private payrolls rose by 242,000 in February, according to the payroll services firm ADP. One brokerage sees a "reacceleration" of economic growth as a greater risk to markets than a recession.
"Consumer spending in particular poses upside risk to growth that, if realized, might lead the [Fed] to hike by more than currently expected in order to tighten financial conditions and keep demand growth below potential so that labor market rebalancing stays on track," said economists at brokerage Goldman Sachs, in a note to clients.
In a development consistent with the onset of hard times, comfort food maker Campbell Soup boosted its projection for 2023 sales growth.
Home goods retailer Bed Bath & Beyond raised $135 million from a follow-on offering.
WeightWatchers parent WW International tumbled as optimism about its move into telehealth faded.
Adidas shares ticked up after an inventory pileup at the German sportswear firm was not as severe as investors had feared.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-08-23 1721ET
