Consumer companies were flat after a strong reading of consumer sentiment.
The University of Michigan's gauge of consumer sentiment rose to a preliminary July reading of 72.6 from a June reading of 64.4, the biggest jump since December 2005 and the most elevated level since 2021.
Consumers are clearly relieved at the marked retreat in inflation in the last couple of months, said Bill Adams, Chief Economist for Comerica Bank, in a note to clients.
The SPDR Select Sector Consumer Discretionary exchange-traded fund, which tracks the consumer discretionary industry group of the S&P 500, is up by 36% for the year to date.
A bankruptcy judge approved the sale of nearly 200 David's Bridal stores out of bankruptcy to Cion Investment.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-14-23 1742ET
