Shares of retailers and other consumer companies rose as traders bet a resurgence in consumer spending would continue.
Consumer-products giant Kimberly-Clark reported its second straight quarterly sales decline as Americans slowed the stockpiling of toilet paper and paper towels as the pandemic receded in the face of vaccinations. One strategist said consumer-spending and inflation trends could change in the fall, as the final pandemic-support programs wind down, triggering worker requests for raises.
"Then it becomes, OK, does it take people a couple of months to miss it, and, then, in the holiday season, you might see people say, 'hey, I need some money,'" said Joe Kinahan, chief market strategist at TD Ameritrade.
Shares of Boston Beer slid, losing about a quarter of their value, amid signs that a craze for its Truly hard seltzers is fizzling.
Shares of Chinese educational concerns tumbled amid fears of a government crackdown on after-school tutoring, with U.S. listed shares of New Oriental Education & Technology Group and TAL Education Group each falling by more than half.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-23-21 1707ET
