Retailers and other consumer companies rallied amid signs that fuel prices were on the retreat.
Oil futures fell to levels not seen since before the Russian invasion of Ukraine.
"There are signs that inflation is going to start coming down," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
"We're already seeing some signs of that, but nothing is linear. I don't think it's reasonable to expect whatever you're looking at -- whether it's oil prices or food prices or lumber or real estate -- it's not going to be month after month a nice smooth easy ride."
Retailers are reducing orders for the fall more than expected, warned consumer-staples maker Newell Brands.
Shareholders of Swiss luxury conglomerate Compagnie Financière Richemont, which owns brands such as Cartier and Van Cleef & Arpels, voted against nominating Bluebell Capital Partner's candidate to the board of directors.
The London-based hedge fund wanted Francesco Trapani, the former chief executive of jewelry brand Bulgari, on the board to counterbalance Richemont's powerful founder Johann Rupert.
Target said Chief Executive Brian Cornell agreed to remain in his role for an additional three years and the company's board eliminated its mandatory retirement age of 65, seeking to provide stability at a time of upheaval in the retail industry.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-07-22 1702ET
