Shares of retailers and other consumer companies rose as investors bet the U.S. would pass another round of fiscal stimulus.
Macy's shares fell after the department store reported a loss of $431 million for the latest quarter, even as sales continued to recover from temporary store closures spurred by the coronavirus pandemic.
There were several foreboding harbingers ahead of the August U.S. jobs report from the Labor Department. A survey of private employers by payroll company Automatic Data Processing Carrier showed muted jobs growth in August.
United Airlines said it plans to cut 16,370 staff as part of efforts to halve its domestic workforce amid a pandemic-driven slump in passenger demand.
Ford Motor is offering buyouts to salaried employees in the U.S., with plans to cut about 1,400 of its 30,000 salaried employees, a move that comes as the car maker works to rebound from coronavirus-related factory closures earlier in the year.
Pernod Ricard, a distiller that produces Jameson whiskey, Absolut vodka and its namesake French aperitif brands, reported a 12% decline in annual profit, as reduced demand from bars and restaurants weighed on sales.
Peloton shares rallied after analysts at brokerage JPMorgan touted the fitness-equipment company's prospects ahead of its earnings report. Like Zoom Video Communications, the software maker whose shares surged in the wake of its earnings, Peloton is seen as a beneficiary of "stay-at-home" coronavirus-induced shifts in lifestyle.
Write to Rob Curran at rob.curran@dowjones.com
