Shares of retailers and other consumer companies recouped some recent losses amid hopes that a surge in energy prices has peaked.
Gasoline prices hit a record high in the U.S., with the average price of a gallon topping $4.17, a development that's likely to affect consumers' spending and driving plans.
"We find during supply-driven oil shocks consumer exposed industries lag as higher energy/gas costs are absorbed and spending is curtailed elsewhere," said strategists at brokerage Barclays, in a note to clients.
Another strategist said the problem may be self-correcting in the medium term. "'The solution to high oil prices is high oil prices' as consumers are increasingly driven to cut demand by the surging cost," said Ben Laidler, global markets strategist at digital investment firm eToro, in e-mailed commentary.
McDonald's temporarily shut about 847 Russian restaurants, responding to pressure from customers and shareholders around the world. The fast-food chain joined a parade of Western businesses abandoning Russian operations in protest.
PepsiCo is exploring options for its business in Russia, including writing off the value of the unit, The Wall Street Journal reported, a move that would mark a turn for a company that introduced American cola to the Soviet Union at the height of the Cold War.
Dick's Sporting Goods rose after the sportswear chain's quarterly sales topped Wall Street targets.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-08-22 1712ET
