Shares of retailers and other consumer companies rose after strong earnings from one luxury conglomerate.
LVMH Moet Hennessy Louis Vuitton's third-quarter sales rose at the same rate seen earlier in the year, driven by increased demand in Asia and the U.S. Retail stocks are rebounding from a selloff earlier in the week sparked by concerns that inflation was weighing on consumer sentiment.
"Sticker shock from +$80 crude oil elevated concerns over runaway inflation, economic growth, and the future path of monetary policy," said strategists in Piper Sandler, in a note to clients. "The recent jump in commodity prices has shortened the market's projected timeline for [Federal Reserve] interest rate increases."
Supermarket chain Kroger is using its partnership with grocery-warehouse technology provider Ocado Group to extend its reach with new automated fulfillment centers for online orders in the Northeast, Florida and California.
Consumer products giant Procter & Gamble shareholders elected the company's 12 director nominees to the board, including one member who environmentalists sought to unseat over handling of climate issues.
Shares of casino chain MGM Resorts International surged after analysts at brokerage Credit Suisse boosted their rating on the company, arguing that the market did not appreciate the transformational effect of recent financial reorganizing.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-12-21 1707ET
